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Biden Signs $430 Bn Climate, Healthcare And Tax Bill

The legislation includes the most substantial federal investment in history to fight climate change and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients

Photo Credit : Reuters

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US President Joe Biden

President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in US history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices.

The legislation includes the most substantial federal investment in history to fight climate change and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.

The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.  

At a White House event, Biden was joined by Democratic leaders including Senator Joe Manchin of West Virginia, whose support was crucial to passage of the Inflation Reduction Act along party lines after he had initially opposed a similar measure.

"Joe, we never had a doubt," Biden said of Manchin. 


(With Reuters Inputs)


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joe biden climate change healthcare inflation