Biden Signs Inflation Reduction Act into Law
After a long and drawn out battle in congress, the Inflation Reduction Act has been signed into law. We must continue to pray.
From Daily Mail. President Joe Biden signed the Inflation Reduction Act at the White House on Tuesday, injecting $473billion of new spending on climate and healthcare amid concerns it will do little to reduce inflation.
Biden thanked Joe Manchin, the moderate Democratic senator who killed his initial Build Back Better package and finally signed on to the new legislation after months of negotiations – including the guarantee of a gas pipeline in his home state of West Virginia….
‘Joe, I never had a doubt,’ he told the Democrat at a signing ceremony, where Biden hailed the measure as a tool to take on the special interests.
Biden, who wore a mask when he first entered the room after first lady Jill Biden tested positive for COVID, called it a ‘historic moment’ and bashed Republicans for voting in unison against it.
‘For a while, people doubted whether any of it would happen,’ he told Senate Majority Leader Charles Schumer, who helped forge the final deal with Manchin.
Schumer himself called it the ‘most important’ thing Congress had done ‘in a long time.’ He also hailed ‘one of the most productive stretches in Senate history,’ and oddly told the president: ‘We wouldn’t be here without you….’
Manchin praised Biden and bashed Republicans for not voting for a package he said ‘puts confidence in the market.’ He also credited the president’s decision to stand back after the initial deal blew up, infuriating Manchin’s fellow Democrats….
Manchin also bristled when pressed on estimates the bill would not bring down inflation in the near term. ‘Well immediately it’s not. We never said anything would happen immediately – like today, turn the switch on,’ he said.
Biden made clear he intends to use the new measure as a cudgel against Republicans.
‘In this historic moment, Democrats sided with the American people and every single Republican in the Congress sided with the special interests,’ he said. ‘Every single one.’
‘Every single Republican in Congress voted against lowering prescription drug prices. Against lowering health care costs. Against a fairer tax system. Every single Republican – every single one – voted against tackling the climate crisis….’
It ranks as one of Biden’s top legislative achievements, and the president scheduled a bill signing in the State Dining Room of the White House to champion….
The bill includes $430 billion in spending, raises $737 billion over a decade in revenue, and is projected to shave about $300 billion off the deficit. It raises $265 billion by allowing the government to negotiate with drug companies for lower Medicare prescription drug costs.
Its climate provisions, totaling $369 billion, are projected to cut carbon emissions by 40 per cent from earlier levels, and it includes extensions of Affordable Care Act subsidies totaling $64 billion. …
How are you praying for America in the wake of this bill becoming law? Share your thoughts and prayers below.
(Excerpt from Daily Mail. Photo Credit: Getty Images)
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