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
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Biden signs $430 billion climate & inflation bill

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Aug 2022 09:51
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

Cholera devastates Darfur region amid conflict, US aid cuts

US uses tariffs to strongarm India on Russia ties

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

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

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