With this law, the American people won, and the special interests lost.President Joe Biden on Tuesday upon signing the Inflation Reduction Act into law. The spending bill primarily involves reform to healthcare, taxes, and climate-related laws.
Why It Matters: The Inflation Reduction Act is seen as a major legislative achievement for Democrats leading into the midterm elections. It was passed by the Senate earlier this month and the House of Representatives last week. For more, check out our overview of the bill here.
- The spending bill, previously known as the "Build Back Better" plan, will dedicate more than half of its funding from corporate tax increases and healthcare reform to "Energy Security and Climate Change," according to a summary by Senate Democrats.
- The bill was divided along party lines. “I think it’s too much spending, too much taxing, and in my view wrong priorities," said Senate Minority Whip John Thune, (R-S.D.).
- Beyond legislation: First Lady Jill Biden tested positive for COVID-19 yesterday and is experiencing mild symptoms.
Biden signs massive climate and health care legislation (Associated Press)
by Jenna Lee,