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."
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.
- White House fact sheets on how the bill helps Latino communities ... Black communities ... young Americans.