Washington – President Biden and Democratic lawmakers gathered at the White House on Tuesday to celebrate the passage of the Inflation Reduction Act, new tax, climate and health care legislation that Democrats hope will propel them to victory in November’s midterm elections It will help to motivate.
The president, Senate Majority Leader Chuck Schumer, House Speaker Nancy Pelosi and Vice President Kamala Harris addressed hundreds of people on the White House South Lawn., Mr Biden signed the bill into law last month, but the White House waited until Congress returned from summer recess to hold a formal ceremony to celebrate the legislation.
“Today is proof that America’s spirit is alive, America’s future is bright, and America’s promise is real,” Mr. Biden told an enthusiastic crowd. “It’s real, it’s real.”
The House and Senate passed the bill along party lines. The law provides $369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030, the most important investment in history fighting climate change.
It also limits drug spending for seniors on Medicare, and allows Medicare to negotiate the prices of prescription drugs. It sets a minimum 15% corporate tax rate for most large companies and provides $80 billion in funding to the IRS, allowing the agency to hire thousands of agents and improve decades-old technical systems.
“The days of companies paying zero in taxes are over, I promise you,” Biden said.
Schumer made a point in his remarks to compare the actions of the Democrats with those of “maga Republicans,” a trait the White House is using. Schumer called some Republicans A. slogan to introduceTuesdays on most abortions.
“What are MAGA Republicans doing at the Capitol today?” Schumer said in front of the White House crowd. “Introducing a national ban on abortion. Simply unbelievable.”
The Inflation Reduction Act came after months of internal democratic deliberation, when Sen. Joe Manchin pushed back against earlier, much larger proposals from progressives. By the time Manchin reached a settlement with Schumer this summer, the law’s prospects were on the verge of failure.
“It’s been a long process, but the House Democratic caucus stayed on course, worked incredibly hard, and made this moment possible,” Schumer said. “And finally, I want to thank President Biden. We would never have completed the Inflation Reduction Act without his steady hand. For more than a year and a half, he gave us the courage to dream big, make us aim.” High, and urged us to never give up on our promises to the American people, especially the climate.”
But Republicans insist that the new law will not address high inflation, arguing that it will make the problem worse, if anything.
Senate Minority Leader Mitch McConnell said of the Democrats’ White House celebration, “they couldn’t have looked more out of touch if they tried.”
government dataTuesday showed inflation barely slowed in August, and prices remain close to a four-decade high. As the president noted, major stock indexes closed lower on news that inflation was higher than expected. high prices For voters leaving in November.