Headline RoundupAugust 16th, 2022

Biden Signs Inflation Reduction Act Into Law

Summary from the AllSides News Team

President Biden on Tuesday signed the Inflation Reduction Act of 2022 into law.

The Democrats' $740 billion reconciliation bill includes a wide range of provisions that aim to reduce U.S. carbon emissions by 40% by 2030, lower prescription drug prices and help the IRS close tax loopholes by establishing a 15% minimum tax on large corporations. The legislation, which was split across party lines, cleared its largest hurdle after Senate Majority Leader Chuck Schumer struck deals with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.). Biden used the "historic moment" to further accentuate the partisan divide in Congress, arguing that "Democrats sided with the American people" while "every single Republican in Congress sided with a special interest." 

Biden passing the bill into law was prominently covered across the political spectrum on Tuesday. Some reports emphasized how the bill was a "scaled-back version" of Biden's $1.75 trillion Build Back Better plan that was ultimately rejected by moderate Democrats.

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