President Joe Biden will sign a sweeping $750 billion health, tax and climate bill at the White House on Tuesday — a major victory for his administration and the Democratic Party ahead of the midterm elections.
Tuesday’s ceremony in the State Dining Room is just one of many events to follow focused on the rollout of the new law, the White House said.
In the coming weeks, the president will hold a cabinet meeting focused on implementing the Inflation Reduction Act, travel the country to highlight how the bill will help the American people, and host an event to mark the entry into force of the bill at the White House on Sept. 6,” said a White House statement.
The Inflation Reduction Act realizes several key legislative agenda items from Biden, representing the largest climate investment in U.S. history and making major changes to health policy by giving Medicare the power to negotiate the prices of certain prescription drugs for the first time. and extending expiring health care grants for three years. The legislation will reduce the deficit, be paid through new taxes — including a minimum 15% tax on large corporations and a 1% tax on share buybacks — and increase the Internal Revenue Service’s ability to collect.
It will raise more than $700 billion in government revenues in 10 years and spend more than $430 billion to reduce carbon emissions and expand health insurance subsidies under the Affordable Care Act and use the rest of the new revenue to fund it. to reduce deficit.
Senate Democrats had long hoped to pass a legislative package that would include key agenda items for the party, but they struggled for months to reach an agreement that had the full support of their caucus.
West Virginia Democratic Senator Joe Manchin — a key mainstay for much of Biden’s tenure — played a key role in the legislation, agreeing to a deal announced late last month.
The bill was passed in the Senate earlier this month after 16 hours of amendment votes — known as a vote-a-rama — and the House of Representatives approved the bill along party lines last Friday.
The bill Biden will sign on Tuesday will not include any of the provisions previously proposed as part of the president’s plan, including paid family and sick leave, universal pre-kindergarten, an extension of the enhanced child tax credit, as well as provisions to reduce the cost of lower the university.
The most significant legislative victory comes as the White House plans a major post-Labor Day speech for Biden, which is billed as a rock-solid kick-off to mid-term campaigns.
Employees are preparing a speech in which the president will cite tangible, long-discussed victories such as lowering the cost of prescription drugs and gun restrictions, while hammering Republicans for being extremists in the pocket of special interests.
Democrats are fighting to maintain their slim majority in Congress. And it’s not entirely clear whether voters’ perceptions of the president or his party will improve in the fall after a summer of dismal polls.
For example, a CNN poll published in late July found that 75% of Democratic voters want their party to nominate someone other than Biden for president in 2024.
Now the White House is looking to make the most of a string of victories — including the passage of the Inflation Reduction Act — as part of a rush to reset its image ahead of the November election.