President Joe Biden signed the Inflation Reduction Act into law on Tuesday and slammed Republicans who opposed the massive bill.
The $740 billion bill includes almost $370 billion for green energy initiatives, a 15% tax on corporations with a reported annual income of over $1 billion, a price setting mechanism for medicare and almost $80 billion in funding for the Internal Revenue Service (IRS). The bill passed the Senate with a 51-50 party-line vote in early August and passed the House along party lines last week.
“Let’s be clear, in this historic moment, Democrats sided with the American people and every single Republican in the Congress sided with the special interests in this vote, every single one,” Biden said during remarks at the White House shortly before signing the bill into law.
“Remember, every single Republican in Congress voted against this bill,” the president added. “Every single Republican Congress voted against lowering prescription drug prices, against lowering health care costs, against the fairer tax system. Every single Republican, every single one, voted against tackling the climate crisis, against lowering our energy cost, against creating good paying jobs.”
Biden promised that the bill cuts the deficit “to fight inflation,” though an analysis released by the University of Pennsylvania’s Penn Wharton Budget Model found that the legislation will only have a minimal impact on cutting the deficit and will not have a substantial impact on inflation. (RELATED: Democrats Claim The ‘Inflation Reduction Act’ Won’t Raise Taxes. Here’s Why That’s Not True)
The Inflation Reduction Act is seen as a win for the Biden Administration, though it pales in comparison to the sweeping Build Back Better Act first pushed by the White House. The bill also earned the support of Democratic West Virginia Sen. Joe Manchin and Democratic Arizona Sen. Kyrsten Sinema, who have occasionally been at odds with the administration.