Aug 17, 2022 - Politics & Policy

Biden's history-book day

President Biden in the State Dining Room on Tuesday.

President Biden in the State Dining Room yesterday. Photo: Mandel Ngan/AFP via Getty Images

"This bill is the biggest step forward on climate ever — ever," President Biden said as he signed Democrats' climate, health care and tax bill.

  • "Folks, the Inflation Reduction Act does so many things that, for so many years, so many of us have fought to make happen."

Why it matters: The package, while scaled back from his original Build Back Better ambitions, gives Biden and his party a historic achievement that caps an unexpected summer spurt of White House wins.

  • Former President Obama tweeted: "This is a BFD."
Sen. Joe Manchin speaks to reporters outside the West Wing yesterday after the signing ceremony. Photo: Andrew Harnik/AP

What's inside: The Inflation Reduction Act ...

  • Invests roughly $370 billion into initiatives to promote clean energy and reduce greenhouse gas emissions.
  • Increases health-care spending by $98 billion.
  • Imposes a 15% minimum tax on corporations that earn more than $1 billion in annual profits.
  • Allows Medicare to negotiate some prescription drug prices with pharmaceutical companies.

Go deeper: More bill highlights ... EV tax credits.

Go deeper