President Joe Biden signed the Inflation Reduction Act into law Tuesday afternoon, the big climate change, tax fairness, and health care reconciliation bill that Democrats passed in record time this month. Biden was joined by Senate Majority Leader Chuck Schumer and House Majority Whip James Clyburn. The big celebration signing will happen next month, when Congress is back in D.C., but enacting the legislation now will start the ball rolling immediately on the many provisions it has to help American consumers and to start reducing greenhouse gas emissions.
“With this law, the American people have won, and special interests lost,” Biden said. “The American people won, and special interests lost. […] This administration began in a dark time in America, a once-in-a-century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about the future of America itself. And yet we have not wavered, we have not flinched, and we have not given in. Instead, we are delivering results for the American people.“
Biden also blasted Republicans for their refusal to support any part of this bill. “In this historic moment, Democrats sided with the American people and every single Republican in the Congress sided with the special interest in this vote, every single one,” Biden said. “The big drug companies spent nearly $100 million to defeat this bill, $100 million. And remember, every single Republican in Congress voted against this bill. Every single Republican in Congress voted against lower prescription prices, negotiating drug costs, a fairer tax system. Every single Republican voted against tackling the climate crisis, against lowering our energy costs, against creating good-paying jobs.”