US President Joe Biden on Tuesday signed into law a $430 billion bill billed as the largest climate package in US history designed to reduce domestic greenhouse gas emissions, Reuters reports.
The bill also aims to lower prescription drug prices in the country.
Biden attended a White House event with Democratic leaders, including Sen. Joe Manchin of West Virginia, whose support was crucial to the law’s passage.
Biden used the event to criticize Republicans. “In this historic moment, Democrats have stood with the American people and every Republican has stood with the special interests,” Biden said. “Every Republican in Congress voted against this bill,” he added.
Legislation to combat climate change and lower prescription drug prices aims, among other things, to reduce domestic greenhouse gas emissions. It would also allow Medicare to negotiate lower drug prices for seniors and ensure that big corporations and the wealthy pay the taxes they owe. Democrats argue it will help fight inflation by reducing the federal deficit.
Senate Republican leader Mitch McConnell, however, argued that the new law would have the opposite impact. “Democrats robbed Americans last year by driving our economy into record inflation. This year, their solution is to do it a second time. The party bill President Biden signed today means higher taxes, higher energy bills and aggressive IRS audits ” he stated.
Source: Capital
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