US President Joe Biden signed Democrats’ historic climate change and health care legislation on Tuesday. This law will go a long way in reducing health care costs and combating climate change. The legislation marked a significant victory for Democrats in the US Congress (Senate).
In remarks at the White House before signing the bill, Biden said, “This inflation-reducing act does so many things that many of us have struggled to do for so many years.” The legislation was passed with the support of both the House and the Senate.
The Hill reported that a provision of US $ 740 billion has been made under this law, which is significantly less than the originally package of US $ 3.5 trillion. The legislation contains some of Biden’s key election promises and is by far the largest investment in America’s climate programs in history.
The White House says that “this law brought in by Biden will reduce greenhouse gas emissions by about a billion tons in 2030. This law is ten times bigger than any climate law ever enacted. Brought to the reduction of inflation.” The act will cut costs to American households and combat the climate crisis, reducing deficits and helping the largest corporations pay their fair share.”
The White House further said that Biden and Democrats have worked together to deliver a historic legislative achievement that protects American families from inflation and boosts the economy. Biden said in the dining room of the White House, where he was set to sign the law, that “with unwavering conviction, commitment and patience comes progress, and when it happens like today, people’s lives will be better and better.” The future turns bright and a nation can be changed.”
According to estimates from the Congressional Budget Office, the bill would reduce the deficit to about US$300 billion over the next decade, adding about US$790 billion in savings and revenue while spending about US$485 billion in the US. US$80 billion in spending at the Internal Revenue Service (IRS) is expected to net US$124 billion of that revenue over 10 years.
Previously, Republicans opposed the bill, citing concerns about strengthening the IRS and potential economic impacts of the bill. Republican lawmakers argued that the IRS’s increased enforcement and operating budgets, including hiring new agents, could be used to increase audits of ordinary American households and small businesses.
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source https://spotlight7.com/world/us-us-president-joe-biden-signs-major-climate-change-and-health-care-legislation/
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