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Prez Biden signs $430-bn inflation, healthcare, climate bill into law

17 Aug '22

1 min read

Pic: Shutterstock

President Joe Biden yesterday signed into law a $430-billion partisan bill, designed to address climate change, healthcare and taxation. It aims at cutting domestic greenhouse gas emissions, will allow negotiation of lower drug prices for the elderly and ensure corporations and the wealthy pay taxes. Democrats say the new law will help combat inflation by reducing the federal deficit.

Rating agencies and independent economists reportedly agree with the Democrats’ view, but feel the results will take years.

Republicans, however, say the new law will have the opposite 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 [Internal Revenue Service] audits," Senate Republican leader Mitch McConnell was quoted as saying by a newswire.

"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," he added.

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