Biden signs bill on climate change, healthcare, tax
Photo:AP
Kathmandu, August 17. US President Joe Biden has signed into law the Inflation Reduction Act on Tuesday. The $430 billion bill is said to concern areas of climate change, tax and healthcare.
At the White House, Biden hailed it as a “historic bill,” claiming that it would reduce costs for American families, address the climate crisis, cut the deficit, and finally require the biggest corporations to pay their fair share of taxes.
Moreover, the bill also consists of measures to make prescription drugs cheaper.
While the Democrats were eager to push the bill, the Republicans were against it. The Republicans argued that increased taxes will put burden on US businesses and workers.
Initially, the Democrats had prepared a $3.5 trillion dollar “Build Back Better” last year. But this year they advanced to pass a bill with a smaller amount, that became successful.
The bill was passed by 220 votes in favor to 207 against.
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