Biden said during a signing ceremony in the State Dining Room that the legislation, called the Inflation Reduction Act, is “one of the most significant laws in our history.”
“With this law, the American people won and the special interests lost,” Biden told an audience of Democratic members of Congress and members of the administration. “For a while people doubted whether any of that was going to happen, but we are in a season of substance.”
A series of events focused on the roll out of the new law are expected to take place in the coming weeks. The White House says Biden will soon host a Cabinet meeting focused on the law’s implementation, travel around the country to highlight the bill’s impact on Americans and take part in a post-Labor Day White House celebration focused on the enactment of the bill.
The bill signing is the latest celebration of a major legislative accomplishment for Biden this summer, having already held bill signings at the White House last week for a bill aimed at increasing domestic semiconductor production and increasing benefits for veterans affected by toxic burn pits in Afghanistan and Iraq. Biden has also chalked up wins on several other fronts in the last few months, including a bipartisan gun reform bill, ordering the successful mission to kill al Qaeda leader Ayman al-Zawahiri, sending billions in aid to Ukraine to help that nation defend itself against Russia’s invasion and helping Finland and Sweden begin the process of joining NATO.
It will raise over $700 billion in government revenue over 10 years and spend over $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act and use the rest of the new revenue to reduce the deficit.
Senate Democrats had long hoped to pass a signature legislative package that would incorporate major agenda items for the party, but struggled for months to reach a deal that gained full support of their caucus.
West Virginia Democratic Sen. Joe Manchin — a major holdout throughout much of Biden’s term in office — played a key role in the legislation, agreeing to a deal that was announced at the end of last month. Schumer and Manchin attended Tuesday’s signing ceremony at the White House.
Aides are preparing a speech in which the President will tout tangible, long-talked-about wins like lowering prescription drug costs and gun restrictions while hammering Republicans for being extremists who are in the pocket of special interests.
Democrats are fighting to maintain their narrow majorities in Congress. And it’s not entirely clear whether voters perceptions about the President or his party will improve in the fall following a summer of dismal polling.
Now, the White House is aiming to make the most of a string of wins — including the passage of the Inflation Reduction Act — as part of a rush to reset his image ahead of the November elections.
CNN’s Donald Judd, Alex Rogers, Clare Foran, Ali Zaslav, Manu Raju and Edward-Isaac Dovere contributed to this report.
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