• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Biden signs $430 billion climate & inflation bill
US & Canada

Biden signs $430 billion climate & inflation bill

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

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

  • 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."

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

Trending Now

All
NASAMS Air Defence System

US has no delivery timeline for NASAMS to Ukraine

Most Read

London posts job ad for mercenaries for Ukraine counteroffensive

London posts job ad for mercenaries for Ukraine's counteroffensive

  • Africa
  • 24 May
The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
The domestically produced C919 passenger jet flies at the China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province, Peoeple's Republic of China, 8 November 2022. (Reuters)

China is set to launch first commercial flight on its C919 plane

  • Asia
  • 26 May
Kissinger bears considerable culpability for assaults in Cambodia that killed as many as 150,000 civilians

Kissinger's secret war in Cambodia reveals mass killings: Intercept

  • Asia
  • 24 May

Read this

All
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)
Europe

Top Israeli intelligence official dead in Italy: Israeli media

  • 29 May
The Global Campaign to the Return to Palestine honours several "Return Ambassadors" in Beirut, Lebanon, May 29 2023. (@return_ar/Twitter)
Palestine

GCRP honors 'Return Ambassadors' to Palestine in Beirut

  • Today
Israeli Prime Minister Benjamin Netanyahu, right, and Minister of Justice Yariv Levin attend a weekly cabinet meeting in the prime minister's office in occupied Al-Quds, occupied Palestine, May 28, 2023 (AP)
Palestine

Let AI replace Netanyahu's government, opposition's Lapid says

  • 29 May
In this picture released by the Iranian Defense Ministry on Thursday, May 25, 2023, Khorramshahr-4 missile is launched at an undisclosed location, Iran (Iranian Defense Ministry via AP)
MENA

Iran set to unveil its first ever hypersonic missile

  • 29 May
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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