United States President Joe Biden signed The Inflation Reduction Act, 2022 into law on Tuesday, 16 August, signifying a victory for the Democratic party ahead of midterm polls.
It was passed by both the House and Senate along partisan lines.
Termed one of the "most significant laws in US history" by the president, the legislation allocates funds worth $740 billion to reduce deficit, cut down carbon emissions, and extend subsidies for health insurance under the Affordable Care Act.
Addressing a gathering of officials at the White House, Biden added, "With this law, the American people won and the special interests lost," adding that "for a while people doubted whether any of that was going to happen, but we are in a season of substance," CNN quoted.
Meanwhile, a White House statement noted:
"The Inflation Reduction Act will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share."White House
While the act includes several of Biden's pre-poll promises, the legislation has been significantly slimmed down from the original USD 3.5 trillion package.
On Tuesday, Biden also criticised the congressional Republicans for not voting in favour of the bill, saying that "every single Republican in Congress voted against lowering prescription drug prices, against lowering health care costs, against the fair tax system. Every single Republican – every single one – voted against tackling the climate crisis, against lowering our energy costs, against creating good paying jobs."
(With inputs from CNN and ANI.)
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