What is included in the Inflation Control Act?

WASHINGTON, DC — Hundreds of lawmakers and guests gathered at the White House on Tuesday to celebrate Inflation control lawhealth care, climate and tax packages signed by President Joe Biden in August, after nearly a year of back-and-forth negotiations between Democrats in Congress.

President Biden and Vice President Kamala Harris step out in front of a cheering crowd on the south lawn of the White House. achievementThe event kicked off with a musical performance by James Taylor and speeches by Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi.

“Today is proof that America’s soul is alive, America’s future is bright, and America’s promise is real,” Biden said.

In their remarks, Harris and Biden highlighted some of the administration’s efforts in the areas of healthcare and medicine. climate change including records $360 billion investment in energy and climate initiatives. The president and vice president also emphasized how the new law would help reduce the cost of prescription drugs like insulin. payment Two to three times more than citizens of other countries for prescription drugs.

“The Inflation Control Act will help millions of Americans build a better future for themselves and their loved ones,” Harris said.. The Vice President also spoke directly about how the law would directly address the issue of climate change.

“For decades our nation has failed to address the climate crisis with the urgency it requires. “Thanks to activists, and to President Joe Biden, America is leading the climate not just in declarations, but in action,” she said.

The historic bill was signed by Biden on August 16th. The bill aims to cut health care costs, tackle climate change, cut deficits and increase taxes on big businesses. It represents a major long-sought legislative achievement for Democrats hoping to retain control of Congress with the midterm elections about eight weeks away.

At the ceremony, Biden noted that Republicans do not support the legislation, saying it would provide relief to families struggling with the rising costs of inflation.

“Republicans could and should have joined us,” Biden said Tuesday. Told.

Biden accused Senator Ron Johnson of targeting Social Security benefits during a White House event, while Schumer called for a nationwide abortion ban proposed by Senator Lindsey Graham.

“We’re here to discuss what’s important to families: cutting costs, creating jobs, and helping families make ends meet,” Schumer said. “What are MAGA Republicans doing in the Capitol today? Ban abortion nationwide. Incredible.”

The Reducing Inflation Act aims to reduce greenhouse gas emissions, support clean energy technologies, and reduce prescription drug costs. By imposing his 15% minimum tax on corporations (which generated more than $1 billion in revenue) and by imposing a new excise tax on corporate stock buybacks, this law would cut his more than $300 billion in revenue. predicted to rise.

However, the $1.5 trillion scaled-down version of the law regain better behavior The bill, which failed to pass the Senate, didn’t include many of the priorities Democrats hoped for a significant spending plan.

After Biden signed the bill into law last month, members of his Cabinet and other senior government officials are out to promote it. I plan to visit. Vice President Harris University of Buffalo On Wednesday about law.

The celebrations follow Tuesday’s report that consumer prices remain high despite slowing inflation.According to recent information consumer price index According to the report, August prices are 8.3% higher than a year ago.