Biden endorses $430 billion bill to fight inflation, climate change

US 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.

Report informs, citing Reuters, that 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.

Democrats hope to capitalize on a string of legislative victories in congressional midterm elections in November and roll out inflation act ad campaigns. read more

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.