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Biden signs landmark law on climate emergency and health insurance

2022-08-16T12:29:51.324Z


The president hopes that this victory, the strengthening of gun control and the increase in benefits for veterans will help the Democratic Party win the mid-term elections in November.


President Joe Biden will sign the landmark Democratic climate emergency and health insurance bill on Tuesday, the "last piece" of his stripped-down domestic program, aimed at boosting his party's standing with voters in less than three months. that the mid-term elections are held.

The rule includes the largest federal investment in history to fight the climate crisis -- some $375 billion over this decade -- and will limit prescription drug costs to $2,000 a year for Medicare beneficiaries.

It will also help some 13 million Americans pay for health insurance by expanding subsidies given during the coronavirus pandemic.


President Joe Biden speaking in the East Room of the White House on August 10, 2022. Evan Vucci / AP

This law is paid for through new taxes on large companies and a higher IRS levy on wealthy individuals and entities.

The additional funds will go toward reducing the federal deficit.

The House of Representatives approved the measure on Friday in a vote of 220-207.

Days before it was approved in the Senate, where Vice President Kamala Harris broke the tie at 50 votes.

Biden will sign the bill during a small ceremony in the White House State Dining Room between his return from a six-day beach vacation in South Carolina and his departure for his home in Wilmington, Delaware.

On September 6, he plans to hold a "party" to commemorate this moment, when the congressmen have returned from Washington DC from the summer break.

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The signing caps a streak of legislative productivity for Biden and Congress, which in three months have passed laws on veterans benefits, the semiconductor industry and strengthening gun control for younger buyers.

The president and lawmakers have also responded to Russia's invasion of Ukraine and supported Sweden and Finland joining NATO.

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With Biden's approval rating slipping, Democrats hope this string of successes will boost their chances of maintaining control in Washington after November's midterm elections.

The 79-year-old president hopes to regain his own prestige among voters as he weighs whether to run for re-election.

The White House announced Monday that Biden and members of his Cabinet will conduct a "Build a Better America Tour" to promote recent legislative gains, though the administration has not yet disclosed which trips the president will take. .

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"In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, travel across the country to highlight how the law will help the American people, and host an event to celebrate the passage of the Inflation Reduction Act. law at the White House on September 6," the White House said in a statement.

Republicans believe that the new taxes on companies will increase prices, which will aggravate the situation that the country is going through with the highest rate of inflation since 1981. Although the Democrats have baptized the measure as the Inflation Reduction Act, analysts do not partisans say its impact will be barely noticeable on prices.

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The measure is a scaled-down version of the ambitious plan to boost social and environmental protection programs that Biden and his party unveiled early last year.

The president's initial 10-year, $3.5 trillion proposal also called for offering families free child care, paid family and medical leave, expanding Medicare benefits, and easing restrictions on immigration.

Sen. Joe Manchin, D-W.Va., said it was too costly, using the clout all Democrats have in the evenly split Senate.

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However, Biden and the Democrats argue that this legislation is a once-in-a-generation investment to address the long-term effects of the climate emergency, as well as the drought in the West.

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The bill will direct spending, tax credits and loans to bolster technology such as solar panels, consumer efforts to improve home energy efficiency, emission-reduction kits for coal-fired power plants and gas, and air pollution controls for farms, ports, and low-income communities.

Another $64 billion will help 13 million people pay premiums over the next three years for privately purchased health insurance under the Affordable Care Act.

Medicare would gain the power to negotiate its costs for pharmaceuticals, initially in 2026 for just 10 drugs.

Medicare beneficiaries' out-of-pocket expenses on prescription drugs will be capped at $2,000 a year starting in 2025, and starting next year they won't pay more than $35 a month for insulin, the vital and expensive drug diabetics take.

Source: telemundo

All news articles on 2022-08-16

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