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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