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The historic measure would lower the cost of medicines for Medicare beneficialries, allot huge funds to addess climate change, and reduce government debt.
President Joe Biden will sign Democrats' historical climate change and health care legislation on Tuesday, less than three months until the midterm elections.
The measure would cap the cost of prescription drugs for Medicare beneficiaries at $2,000 per year in out-of-pocket expenses. It would feature the largest federal investment in history in the battle against climate change, totaling $375 billion over ten years, as reported by AP News.
The legislation would also extend subsidies offered during the coronavirus pandemic, aiding an estimated 13 million Americans in paying for health insurance.
It's a Win for Democrats
The bill is funded, in part, by increased IRS enforcement of affluent persons and entities as well as higher taxes on large corporations, with extra monies going toward reducing the government debt, per ABC.
On a party-line vote, the House adopted the proposal on Friday, 220-207. Days before, Vice President Kamala Harris broke a 50-50 tie in the Senate to help the measure pass.
Since the start of my presidency, my economic plan has helped create 9.5 million jobs, reach a 50-year record low unemployment rate, and achieve zero percent inflation in July.
— President Biden (@POTUS) August 15, 2022
And this week, I’ll build on that progress by signing the Inflation Reduction Act into law.
The Inflation Reduction Act was approved by the House on a party-line vote approximately a week after the Senate passed it with only Democratic votes via a budget reconciliation procedure.
Biden will sign the legislation in a brief ceremony in the State Dining Room of the White House between his arrival from a six-day vacation in South Carolina and his departure from his home in Wilmington, Delaware. Once lawmakers return to Washington, he intends to have a larger "celebration" for the measure on September 6.
Democrats Hope the Legislation Will Boost Their Chances in Midterm Polls
The signing caps a spurt of legislative productivity for Biden and Congress, who in three months have approved legislation on veterans' benefits, the semiconductor industry, and gun checks for young buyers. The POTUS and lawmakers have also responded to Russia's invasion of Ukraine and supported NATO membership for Sweden and Finland.
With Biden's approval rating lagging, Democrats are hoping the string of successes will jump-start their chances of maintaining control in Washington in the November midterms.
The 79-year-old president aims to restore his own standing with voters as he contemplates a reelection bid.
Democrats hope the legislation will help them increase their standing at the polls in November when voters determine the composition of Congress in preparation for the 2024 presidential election,
Republicans have a good chance of winning a majority in the House and might even take over the Senate.
Just before the vote, US House of Representatives Speaker Nancy Pelosi said the legislation is a resounding victory for America's families."
Speaker Pelosi also framed the measure as "A robust cost-cutting package" that matches the moment, ensuring that our "families thrive and that our planet survives."
Officials from the Biden administration are getting ready to travel the country in the coming weeks to promote the measure and convince voters that Democrats can live up to their promises in the crucial three months before the midterm elections.
According to a report from The Hill, Biden administration cabinet members will discuss the legislation in 23 states until the end of August per a White House letter made public on Monday.
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