President Joe Biden signed ‘Inflation Reduction Act into law’ of 2022 on Tuesday. It aims to tackle climate change, tamp down health-care costs and reduce inflation.
President Biden finally signed ‘Inflation Reduction Act into law’ of 2022 after debating more than a year. The law aims to ram down inflation, bump down climate change, reduction in drugs and other health-care facilities, decrease tax on profits of large corporations.
“The Inflation Reduction Act does so many things that for so many years so many of us have fought to make happen,” said Biden prior to signing the bill.
Signing ceremony held at the White House. Biden signs $740bn bill into law by winning majority of democratic support in Senate and House. The bill provides approximately $369 billion to invest for green technology, energy security and tens of billion for health care. More than $430 billion package expected to reduce the deficit by more than $300 billion over a decade.
“This bill is the biggest step forward on climate, ever.” Said Biden
Biden lauded the legislation by remarking as the noteworthy measures in the history of country.
“Let me say from the start: With this law, the American people won and the special interests lost,” Biden said in remarks before he signed the bill.
His administration had begun amid “a dark time in America,” Biden added, citing the coronavirus pandemic, joblessness and threats to democracy.
“And yet we’ve not wavered, we’ve not flinched and we’ve not given in,” Biden said. “Instead, we’re delivering results for the American people. We didn’t tear down and look back. We built up and look forward. And today — offers further proof that the soul of America is vibrant. The future of America is bright, and the promise of America is real.”
In coming weeks Biden will travel across the country to rule out implementations recommended by Inflation Reduction Act 2022. Also on 6th September, plans have been made to celebrate the bill’s enactment.