President Joe Biden celebrated his climate change and drug pricing law, The Inflation Reduction Act, on Tuesday on the White House lawn, highlighting Democrats' commitment to progressive priorities even as high consumer prices continue to bite.
Biden signed the $430 billion bill, seen as the biggest climate change package in U.S. history, into law last month in a low-key ceremony. The Tuesday event on the White House South Lawn brought together lawmakers, cabinet members, activists and interest groups who supported it, and gave Biden an opportunity to tout drug price caps, electric vehicle grants and a minimum corporate tax, key issues for his political base.
The event coincided with the release of Labor Department figures that showed an unexpected August rise in U.S. consumer prices, as rent and food continued to climb. The economy continues to be the biggest issue for voters ahead of the November midterm elections, posing risks for Democrats trying to maintain control of Congress.
In addition to providing incentives for the clean energy industry, the law allows Medicare to negotiate lower drug prices for the elderly, seeks to ensure corporations and wealthy people pay their taxes through beefed-up IRS resources, and aims to combat inflation by reducing the federal deficit.
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