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Biden signs inflation act, hands pen to Manchin

Economic Indicators Aug 17, 2022 03:06AM ET
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5/5 © Reuters. U.S. President Joe Biden signs "The Inflation Reduction Act of 2022" into law during a ceremony in the State Dining Room of the White House in Washington, U.S. August 16, 2022. REUTERS/Leah Millis 2/5

By Nandita Bose and Steve Holland

WASHINGTON (Reuters) -President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in U.S. history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inflation.

At a White House event, Biden was joined by Democratic leaders including Senator Joe Manchin of West Virginia, whose support was crucial to passage of the Inflation Reduction Act along party lines, after he blockaded much larger measures pushed by the White House.

"Joe, we never had a doubt," Biden said of Manchin. Biden later handed Manchin the pen he used to sign the legislation.

Manchin called the legislation a "balanced bill".

Biden used the signing to criticize Republicans. Democrats hope to capitalize on a string of legislative victories in congressional midterm elections in November and roll out inflation act ad campaigns.

"In this historic moment, Democrats sided with the American people and every single Republican sided with the special interests," said Biden. "Every single Republican in Congress voted against this bill."

The legislation to fight climate change and lower prescription drug prices aims to cut domestic greenhouse gas emissions. It will also allow Medicare to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay the taxes they owe.

Democrats say it will help combat inflation by reducing the federal deficit. Rating agencies and independent economists agree but say the results will take years.

Senate Majority Leader Chuck Schumer, who was also present at the bill signing, said Biden knew when to stay away from the negotiations and allow them to play out.

"He knew precisely when to step in and when to let negotiations play out. He knew when to use the bully pulpit and when to bring people together away from the spotlight. He made sure we never lost our focus on climate."

Republicans criticized the legislation for doing little to lower prices. Senate Republican leader Mitch McConnell said the new law will have the opposite impact.

"Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time. The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive IRS audits," he said, referring to the Internal Revenue Service.

Biden signs inflation act, hands pen to Manchin
 

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Comments (10)
Benjamin USA
Benjamin USA Aug 17, 2022 9:32AM ET
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Uh oh triggered extremist time!
gab nea
gab nea Aug 17, 2022 8:10AM ET
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are you watching Republicans and minions? this is what leadership and governing looks like! in case you lost your way.
Mangalavati Citra
Mangalavati Citra Aug 17, 2022 3:34AM ET
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Well done! I hope the world leaders will follow! Anyone who doesn’t understand that the world temperature has to cool down, is irresponsible and crazy. The other point is that taxes are important to support the weaker people in the society. Greed leads to ****and if a rich man has to help his fellow man, he has not lost anything, rather he has gained a good character and compassionate heart. The leaders of the society should enhance such goodness and care. Well done!
Brad Albright
Brad Albright Aug 17, 2022 3:34AM ET
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Well said!
Teresa Cannon
Teresa Cannon Aug 17, 2022 3:32AM ET
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Great bill! I worked till full retirement and I'm looking forward to someone fixing drug prices. I paid taxes Medicare and all that stuff. It's my retirement that I paid in and I don't like drug companies and others that want to swindle hard working retiriee from their money.
gab nea
gab nea Aug 17, 2022 3:32AM ET
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Republicans love big pharma and were against this bill. they dont work for their voters!
Tre Hsi
Tre Hsi Aug 17, 2022 3:32AM ET
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gab nea  Republicans, despite all their talk about America First, don't seem to have a problem with americans paying 50% more for the same exact drugs sold just across the Canadian border
John Laurens
John Laurens Aug 16, 2022 9:22PM ET
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Both repulsive traitors to all Americans and should be eliminated.
Tre Hsi
Tre Hsi Aug 16, 2022 9:22PM ET
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that's a bit harsh on Moscow Mitch and The Donald, but whatever man, let it out
John Laurens
John Laurens Aug 16, 2022 9:22PM ET
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Tre Hsi  Gome Home! Mind your own country's business. Have a little self-respect.
Benjamin USA
Benjamin USA Aug 16, 2022 9:22PM ET
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John Laurens triggered today lol
Tre Hsi
Tre Hsi Aug 16, 2022 9:22PM ET
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John Laurens  "Gome Home!"  -- well, covfefe to you too
Bev Mcguffee
Bev Mcguffee Aug 16, 2022 7:41PM ET
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This is taxation of the hands (corporations) who feed (jobs) the masses.  Such a Socialistic tax bill.  Please vote these political power spending zealots out of office before we are all where they want us, dependent on the government and in the Welfare line.
Samantha
Samantha Aug 16, 2022 7:41PM ET
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Taxes pay for roads, highway, hospitals, schools, libraries, military defense, and first responders. No one became rich on their own. Taxes have also paid for military investment in technology that developed the internet, investment in medical and pharmaceutical research, and other industries where fortunes and generational wealth have been made. It is not socialism to expect some payback. Lost in in stupidity is that anti-tax rhetoric is equivalent to de-funding law enforcement.
Brad Albright
Brad Albright Aug 16, 2022 7:41PM ET
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@samantha. Your comment is thoughtful and nuanced. Unfortunately, such grounded reasoning doesn't penetrate the minds of the know-nothings who only have knee jerk reactions based on unquestioned dogma.
Samantha
Samantha Aug 16, 2022 7:41PM ET
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Brad Albright I know. One on one it can to some extent make some difference. I'm also realistic that  the same neighbors and acquaintances I talk to would still shoot to kill if it comes to that.
John Hat
John Hat Aug 16, 2022 7:17PM ET
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If inflation is 0%, will this bring deflation? Asking for a libtaarrrd logic friend.
Tre Hsi
Tre Hsi Aug 16, 2022 7:17PM ET
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"will this bring deflation?"  -- you tell us, will it?  put your econ degree from Trump University to good use and tell us please
Scott Faries
Scott Faries Aug 16, 2022 6:37PM ET
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Economist call this the increase inflation bill!
Brad Albright
Brad Albright Aug 16, 2022 6:37PM ET
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He does?
Rudolph Docauer
Rudolph Docauer Aug 16, 2022 5:50PM ET
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funding for 87000 armed IRS tugs, talk about a dictatorship.
Brad Albright
Brad Albright Aug 16, 2022 5:50PM ET
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You haven't been freeloading off the rest of us, have you?
rasheed abdul
rasheed abdul Aug 16, 2022 5:50PM ET
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Cant really live in the society with paying taxes in some form or another.
Tre Hsi
Tre Hsi Aug 16, 2022 5:50PM ET
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so your version of dictatorship is IRS doing tax audits?  yeah OK
Brad Albright
Brad Albright Aug 16, 2022 5:50PM ET
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Tre Hsi Or answering the phone? yeah, OK.
Jim Morrison
Jim Morrison Aug 16, 2022 4:23PM ET
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No it's a tax and spend bill that will increase inflation and hurt small businesses. Midterms will be fun to watch .
 
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