President Joe Biden signed the Inflation Reduction Act into law this week, saying “the American people won, and the special interests lost.”
“This administration began amid 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 America’s future itself– and yet we’ve not wavered, we’ve not flinched, and we’ve not given up.”
The bill first passed in the Senate and then the House of Representatives earlier this month. The bill costs about $437 billion, with $369 billion going toward investments in Energy Security and Climate Change.
“We didn’t tear down,” Biden said. “We built up. We didn’t look back. We look forward, and today, today, offers further proof that the soul of America is vibrant. The future of America is bright, and the promise of America is real. And just beginning.”
Vice President Kamala Harris was the tie-breaking vote in the Senate, 51 to 50.
Senate Majority Leader Chuck Schumer said that the bill “will endure as one of the greatest legislative feats in decades.”
“In normal times, getting these bills done would be a huge achievement, but to do now, with only 50 Democratic votes in the Senate over an intransigent Republican minority, is nothing short of amazing.”
According to Fox News, Biden also said in the announcement that the bill will not raise taxes on any American making less than $400,000.
“Democrats sided with the American people, and every single Republican in the Congress sided with the special interests in this, every single one.
“Remember, every single Republican in Congress voted against this bill – every single Republican in Congress voted against lowering prescription drug prices, against lowering health care costs, against the fairer tax system,” Biden said in a statement.
“Every single Republican, every single one, voted against tackling the climate crisis, against lowering our energy cost, against creating good paying jobs.”
Related:
45 Percent of Americans Say They Are Suffering Hardship due to Inflation
Photo courtesy: ©Getty Images/Samuel Corum/Stringer
Amanda Casanova is a writer living in Dallas, Texas. She has covered news for ChristianHeadlines.com since 2014. She has also contributed to The Houston Chronicle, U.S. News and World Report and IBelieve.com. She blogs at The Migraine Runner.
