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“Later today we will make history by signing the deflation bill,” Biden tweeted Tuesday morning.
of The council approved the law Friday by a 220-207 vote, days later The Senate narrowly passed it on a party-line vote, Vice President Harris serving as Moderator. The bill’s passage marks one of the most successful legislative efforts by congressional Democrats this session amid contentious midterm elections — and it looks like it won’t increase for a year and a half.
Last year, a more than $2 trillion spending package stalled in Congress after facing opposition from moderate Democratic senators. After weeks of negotiations with the White House, Sen. Joe Manchin III (W.Va.) He said in December Not being able to move forward with the bill.
But last month he announced that he had one They reached a surprise deal with Senate Majority Leader Charles E. Schumer (D-N.I.). On what is known as the Law of Inflation. While less of a plan than construction, the new law aims to achieve many of the same goals, including spending $370 billion on climate change and clean energy production.
Biden is expected to make remarks during the signing, which will take place in the White House State Dining Room.
According to the White House, Biden will hold a cabinet meeting in the coming weeks focused on implementing the inflation-reduction law and will travel across the country to promote how the new law is expected to help Americans. The White House is planning an event to celebrate the bill’s passage on September 6.
It establishes a deflationary law. About 370 billion dollars to fight climate change and strengthening U.S. energy production, using incentives for private companies to produce more renewable energy and for households to shift their energy use and consumption. The bill would allow Medicare to negotiate prescription drug prices and extend health insurance subsidies to millions of Americans.
To pay for the spending, the bill would raise hundreds of thousands in revenue through new tax provisions — most of which would fall on the nation’s largest corporations. It would also give the unfunded Internal Revenue Service the largest budget increase in its history — House Minority Leader Kevin McCarthy (R-Calif.). They criticized. That it brings an “army of IRS agents to spy on your bank accounts.”
At a bill signing ceremony for the Inflation Reduction Act on Friday, House Speaker Nancy Pelosi (D-Calif.) called it an “exciting day” and noted that the bill’s passage comes on the heels of Biden signing several other key pieces of legislation. Law including we have together Expand assistance to veterans exposed to toxic burn pits during their military service. She also said Democrats will continue to fight for provisions like Medicare expansion and free universal pre-kindergarten, as they unite Republicans against the bill.
“This bill keeps the promise Democrats made to American families,” Pelosi continued, referring to the Inflation Reduction Act. “After we pass it and the president signs it into law, we will continue to fight for more family features not included in this bill. This bill is historic, transformative, and truly a cause for celebration.”
Jeff Stein, Maxine Joselow, Rachel Rubin and John Wagner contributed to this report.
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