Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian agency: Russia will conduct a nuclear test if the US does
Al-Nakhalah: We are the rightful owners, and we must fight to retrieve our rights
Al-Nakhalah: The enemy and its allies must know that we can never surrender to their terms and diktats after all the sacrifices made
Al-Nakhalah: The prisoner exchange clause can be completed in the next few days, and thus we will have pulled the [explosion] fuse and removed the enemy's justifications for aggression
Al-Nakhalah: The Resistance has expressed its willingness to negotiate on the basis that there are items that can be dealt with positively, the first of which is the prisoner exchange item
Al-Nakhalah: Trump's plan entails the Palestinian people's declaration of complete surrender to the enemy
PIJ Secretary-General, Ziyad al-Nakhalah, in an address aired on Al Mayadeen: The Resistance is engaging in a fierce negotiating battle under the so-called Trump plan
Russian Federation Council approves joint military cooperation agreement with Cuba
Al-Nunu: Today, the lists of prisoners required to be released, the agreed-upon criteria and numbers, were exchanged
Al-Nunu from Sharm el-Sheikh: Negotiations focused on mechanisms for implementing an end to the war, the withdrawal of occupation forces from the Gaza Strip, and the exchange of prisoners

Biden signs $430 billion climate & inflation bill

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Aug 2022 08:51
3 Min Read

The Inflation Reduction Act is the largest climate legislation in US history.

  • x
  • President Biden hands Sen. Joe Manchin III (D-W.Va) the pen used to sign into law the Inflation Reduction Act. (The Washington Post)
    President Biden hands Joe Manchin the pen used to sign into law the Inflation Reduction Act. (The Washington Post)

US President Joe Biden signed a $430 billion bill - the Inflation Reduction Act - that is the largest climate package in US history, which stipulates cutting domestic greenhouse gas emissions, lowering prescription drug prices and high inflation, which the Federal Reserve said will become rooted in the US economy. The bill is a reduced version of the $1.75 trillion Build Back Better plan that Biden proposed last year.

See more: The rising costs of cancer treatments in the US force Americans into debt

The legislation, which was put forward by West Virginia Democrat Joe Manchin, will invest $369 billion in climate and energy policies, with $64 billion allocated to extend a policy under the Affordable Care Act to reduce health insurance costs. There will also be a 15% corporate minimum tax for companies earning over $1 billion a year.

Democratic Senator Joe Manchin's support for passing the Inflation Reduction Act was a crucial part of the signing, as Biden sat at a White House event surrounded by other Democratic leaders. Manchin had previously blockaded a number of larger measures pushed by the White House; however, he complimented the bill as a "balanced bill." 

Biden took the opportunity to criticize Republicans during the signing: "In this historic moment, Democrats sided with the American people and every single Republican sided with the special interests," said Biden. "Every single Republican in Congress voted against this bill."

Related News

Russia ratifies military deal with Cuba amid US escalation

Araghchi denies any contact with US envoy Witkoff over nuclear talks

The legislation to combat climate change and lower prescription drug prices looks to cut domestic greenhouse emissions, essentially enabling Medicare to lower drug prices for the elderly and enforce corporates and the wealthy to pay taxes they owe. 

A report published in April wrote that floods, fire, and drought caused by climate change might consume a large portion of the US government budget each year by the end of the century, according to the White House in its first-ever report regarding the issue. The research estimated that the upper range of climate change's impact on the budget by the end of the century could total 7.1% annual revenue loss, equal to $2 trillion in today's money.

Democrats contend that the legislation will also fight inflation by reducing the federal deficit, which independent economists are saying will take years to achieve.

Read more: About 90% of Americans suffer from inflation-related anxiety: Poll

Republicans have been skeptical of the legislation for the reason that it does little to lower prices, with Senate Republican leader Mitch McConnell arguing that the legislation will hold opposite of the desired impact.

"Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time. The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive IRS audits," he said, referring to the Internal Revenue Service.

Read next: Reckless US sanctions on Russia trigger global inflation

  • United States
  • Joe Manchin
  • Joe Biden

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Retired Israeli General Brik says Israel has reached point of no return.
Politics

Retired Israeli General Brik: 'Israel has reached point of no return'

Depleted by foreign wars, US seeks to re-arm for another confrontation
Politics

Depleted by foreign wars, US seeks to re-arm for another confrontation

Gaza’s newborns gasp for life as hospitals collapse amid Israeli war
Health

Gaza newborns gasp for life, share oxygen masks amid collapsed system

UK arms exports to 'Israel' reach record high despite ban calls
Politics

UK arms exports to 'Israel' reach record high despite ban calls

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS