President Biden signs massive climate, health care legislation (2022)

President Biden signs massive climate, health care legislation

(Video) President Biden signs massive climate and health care legislation

Thank you forrest. Come to think. Please thank you. Majority of the schumer chuck. You've been *** good friend *** long, long time. And joe never had *** doubt, joe had an operation on his shoulder. I just want to know it wasn't because of anything we did. He's in great shape and uh our whip Mr Clyburn, You're, you're amazing. And I am reminded often by my staff were not for you, your wife telling you to endorse me. I wouldn't be standing here. But thank you very, very much. And also uh congressman Castor and my good friend frank pallone, Congressman pallone. Thank you for your leadership. You know, uh well they couldn't be here. I especially want to thank nancy Pelosi who was instrumental in this law and Vice President Harris for an incredible work she did. And I'm about to sign the inflation reduction act into law. One of the most significant laws in our history. Let me say from the start with this law, the american people one and the special interest lost. The american people one and the special interests lost. We're in *** session of for *** while. People doubted whether any of that was gonna happen. But we are in *** season of substance. This administration began amid *** dark time in America as jim said *** once in *** century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about America's future itself. And yet we have not wavered, we've not flinched. And we've not given in. Instead we're delivering results for the american people. We didn't tear down. We build up, We didn't look back. We look forward and today today offers further proof that the soul America's vibrant. The future of America is bright and the promise of America is real. And just beginning look, Bill I'm about to sign is not just about today, it's about tomorrow. It's about delivering progress and prosperity to american families. It's about showing the american and the american people that democracy still works in America notwithstanding all the all the talk of its demise, not just for the privileged few, but for all of us, you know, I swore an oath of office to you and to God to faithfully execute the duties of this sacred office. To me, the critical duty, the critical duty of the president to defend. What is best about America. That's not hyperbole defend what's best about America to pursue justice, to ensure fairness, deliver results. That create possibilities, possibilities that all of us, all of us can live *** life of consequence and prosperity in the nation. That's safe and secure. That's the job fulfilling that pledge to you guides me every single hour of every single day in this job. No president should be judged not only by our words, but by our deeds, not by our rhetoric, but by our actions, not by our promise but by reality. And today is part of an extraordinary story as being written by this administration and our brave allies in the Congress. This law. This law that I'm about to sign finally deliver on *** promise that Washington is made for decades to the american people I got here as *** 29 year old kid. We were promising to make sure that Medicare would have the power to negotiate lower drug prices back then back then prescription drug prices. But guess what? We're giving Medicare the power to negotiate those prices. Now on some this means seniors are going to pay less for the prescription drugs While we're changing circumstances for people in Medicare by putting *** cap *** cap of *** maximum of $2,000 *** year on the prescription drug costs. No matter what the reason for that those prescriptions are. That means if you're on Medicare, you'll never have to pay more than $2,000 here no matter how many prescriptions you have, whether it's for cancer or any other disease, no more than $2,000 *** year. And you all know it because you wanted to come from families that need this. This is *** godsend. This is *** godsend to many families. And so so long overdue. The inflation reduction act locks in place. Lower healthcare premiums for millions of families who get their coverage under the affordable care act. Last year, *** family of four saved an average $2400 through the american rescue plan that I signed in the law that Congress voted in place in the years ahead. Thanks to the inflation reduction act, 13 million people are going to continue, continue to save an average of $800 *** year on health insurance. The inflation reduction act invest $369 billion to take the most aggressive action ever, ever, ever ever in confronting the climate crisis and strengthening our economic, our energy security. It's gonna offer working families thousands of dollars in savings by providing them rebates to buy new and efficient appliances, weatherize their homes, get tax credit for purchasing heat pumps and rooftop solar, electric stoves, ovens, dryers. It gives consumers *** tax credit to buy electric vehicles or fuel cell vehicles new or used. And it gives them *** credit *** tax credit up to $7,500 if those vehicles were made in America. American auto companies along with american labor are committing their treasure and their talent, billions of dollars in investment to make electric vehicles and battery and electric charging stations all across America Made in America, all of it made in America. This new law so provides tax credits that's going to create tens of thousands of good paying jobs and clean energy manufacturing jobs, solar factories in the midwest and the south wind farms across the plains and off our shore's clean hydrogen projects and more all across America. Every part of America This bill is the biggest step forward on climate ever ever. That's gonna allow it's gonna allow us to boldly take additional steps toward meeting all of my climate goals than the ones we set out when we ran It includes ensuring that we create clean energy opportunities in front line and fence line communities that have been smothered, smothered by the legacy pollution and fight environmental injustice that's been going on for so long. There's another win for the american people In addition, in addition to cutting the deficit by $350 billion last year in my first year in office and cutting at $1.7 trillion this year. This fiscal year, we're going to cut the deficit point out by another $300 billion with the inflation reduction act. Over the next decade, we're cutting deficit to fight inflation by having the wealthy and big corporations finally began to pay part of their fair share. Big corporations will now pay *** minimum 15% tax instead of us. five, of them got away with paying $0 in federal income tax on $40 billion dollars in profit. And I'm keeping my campaign commitment, no one let me emphasize, no one earning less than $400,000 *** year will pay *** penny more in federal taxes, folks, inflation reduction act. Does so many things that for so many years, so many of us have fought to make happen. Let's be clear in this historic moment, democrats sided with the american people and every single Republican in the Congress sided with the special interest in this vote. Every single one. In fact the big trump company, big drug companies spent nearly $100 million to defeat this bill. $100 million. And remember every single Republican in Congress voted against this bill, every single Republican Congress voted against lowering prescription drug prices, against lowering health care costs against the fair tax system. Every single Republican, every single one voted against tackling the climate crisis, against lowering our energy costs, against creating good paying jobs. My fellow americans, that's the choice we face. We can protect the already powerful or show the courage to build *** future where everybody has an even shot. That's the America I believe in that's what I believe in today. Today. We've come *** step closer to making that America real today. Too often we confuse noise with substance. Too often we confuse, we confuse setbacks with defeat. Too often we had the biggest microphones of the critics and the cynics who delight and declaring failure. While those committed to making real progress, do the hard work of governing. Making progress in this country is *** as big and complicated as ours clearly is not easy. It's never been easy. But with unwavering conviction, commitment and patience, progress does come. Your dad was right and when it does like today, people's lives are made better and the future becomes brighter and *** nation can be transformed. That's what's happening now. From the american rescue plan that helped create nearly 10 million new jobs to once in *** generation infrastructure law that rebuild America's roads, bridges, ports, deliver clean water, high speed internet to every America to the first meaningful gun safety law in 30 years. And if I were still going to have an assault weapons ban, but that's another story and to get significant veterans health care law in decades for the first time to *** groundbreaking ships and science law. That's gonna ensure that technologies and jobs of the future are made here in America in America and all this progress is part of our vision and plan and determined effort to get the job done for the american people so they can look their child in the eye and say, honey, it's gonna be okay. Everything's gonna be okay. Everything is gonna make it sure that the democracy delivers for your generation because I think that's at stake and now I know there are those here today hold *** dark and despairing view of this country. I'm not one of them. I believe in the promise of America. I believe in the future of this country. I believe in the very soul of this nation And most of all, I believe in you, the american people. I believed in my core. There isn't *** single thing, this country cannot do when we put our mind to it. We just remember who we are. We are the United States of America, there's nothing beyond our, nothing beyond our capacity. That's why so many foreign companies decided to invest to make chips in America billions of dollars. We're the best we have to believe in ourselves again. And now I'm gonna take action that I've been looking forward to doing for 18 months this time, the introduction to show the message, Try to just make sure you get the right one. All right, Yeah, Okay, You go. Now, Law.

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President Biden signs massive climate, health care legislation

(Video) President Biden signs massive climate and health care legislation

President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters less than three months before the midterm elections. The legislation includes the most substantial federal investment in history to fight climate change — some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.In a triumphant signing event at the White House, Biden pointed to the law as proof that democracy — no matter how long or messy the process — can still deliver for voters in America as he road-tested a line he will likely repeat later this fall: “The American people won, and the special interests lost.”“In this historic moment, Democrats sided with the American people, and every single Republican in the Congress sided with the special interests in this vote,” Biden said, repeatedly seizing on the contrast between his party and the GOP. “Every single one.”The House on Friday approved the measure on a party-line 220-207 vote. It passed the Senate days earlier with Vice President Kamala Harris breaking a 50-50 tie in that chamber.“In normal times, getting these bills done would be a huge achievement,” Senate Majority Leader Chuck Schumer, D-N.Y., said during the White House ceremony. “But to do it now, with only 50 Democratic votes in the Senate, over an intransigent Republican minority, is nothing short of amazing.”Biden signed the bill during a small ceremony in the State Dining Room of the White House, sandwiched between his return from a six-day beachside vacation in South Carolina and his departure for his home in Wilmington, Delaware. He plans to hold a larger “celebration” for the legislation on Sept. 6 once lawmakers return to Washington.The signing caps a spurt of legislative productivity for Biden and Congress, who in three months have approved legislation on veterans’ benefits, the semiconductor industry and gun checks for young buyers. The president and lawmakers have also responded to Russia's invasion of Ukraine and supported NATO membership for Sweden and Finland.With Biden’s approval rating lagging, Democrats are hoping that the string of successes will jump-start their chances of maintaining control in Washington in the November midterms. The 79-year-old president aims to restore his own standing with voters as he contemplates a reelection bid.The White House announced Monday that it was going to deploy Biden and members of his Cabinet on a “Building a Better America Tour” to promote the recent victories. One of Biden's trips will be to Ohio, where he'll view the groundbreaking of a semiconductor plant that will benefit from the recent law to bolster production of such computer chips. He will also stop in Pennsylvania to promote his administration's plan for safer communities, a visit that had been planned the same day he tested positive for COVID-19 last month.“In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, will travel across the country to highlight how the bill will help the American people, and will host an event to celebrate the enactment of the bill at the White House on September 6th,” the White House said in a statement.Republicans say the legislation’s new business taxes will increase prices, worsening the nation’s bout with its highest inflation since 1981. Though Democrats have labeled the measure the Inflation Reduction Act, nonpartisan analysts say it will have a barely perceptible impact on prices.Senate Minority Whip John Thune, R-S.D., on Tuesday continued those same criticisms, although he acknowledged there would be “benefit” through extensions on tax credits for renewable energy projects like solar and wind.“I think it’s too much spending, too much taxing, and in my view wrong priorities, and a super-charged, super-sized IRS that is going to be going after a lot of not just high-income taxpayers but a lot of mid-income taxpayers,” said Thune, speaking at a Chamber of Commerce event in Sioux Falls. The administration has disputed that anyone but high earners will face increased tax scrutiny, with Treasury Secretary Janet Yellen directing the tax agency to focus solely on businesses and people earning more than $400,000 for the new audits.The measure is a slimmed-down version of the more ambitious plan to supercharge environment and social programs that Biden and his party unveiled early last year.Biden’s initial 10-year, $3.5 trillion proposal also envisioned free prekindergarten, paid family and medical leave, expanded Medicare benefits and eased immigration restrictions. That crashed after centrist Sen. Joe Manchin, D-W.Va., said it was too costly, using the leverage every Democrat has in the evenly divided Senate.During the signing event, Biden addressed Manchin, who struck the critical deal with Schumer on the package last month, saying, “Joe, I never had a doubt” as the crowd chuckled. Though the law is considerably smaller than their initial ambitions, Biden and Democrats are hailing the legislation as a once-in-a-generation investment in addressing the long-term effects of climate change, as well as drought in the nation’s West.The bill will direct spending, tax credits and loans to bolster technology like solar panels, consumer efforts to improve home energy efficiency, emission-reducing equipment for coal- and gas-powered power plants, and air pollution controls for farms, ports and low-income communities.Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act. Medicare would gain the power to negotiate its costs for pharmaceuticals, initially in 2026 for only 10 drugs. Medicare beneficiaries’ out-of-pocket prescription costs would be limited to $2,000 annually starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the costly diabetes drug.Rep. Jim Clyburn, D-S.C., a powerful political ally to Biden, noted during the White House ceremony that his late wife, Emily, who battled diabetes for three decades, would be “beyond joy” if she were alive today because of the insulin cap.“Many seem surprised at your successes," Clyburn told Biden. “I am not. I know you."___Associated Press writer Alan Fram in Washington contributed to this report.

KIAWAH ISLAND, S.C. —

President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters less than three months before the midterm elections.

The legislation includes the most substantial federal investment in history to fight climate change — some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.

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(Video) President Biden signs massive climate and health care legislation

The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.

In a triumphant signing event at the White House, Biden pointed to the law as proof that democracy — no matter how long or messy the process — can still deliver for voters in America as he road-tested a line he will likely repeat later this fall: “The American people won, and the special interests lost.”

“In this historic moment, Democrats sided with the American people, and every single Republican in the Congress sided with the special interests in this vote,” Biden said, repeatedly seizing on the contrast between his party and the GOP. “Every single one.”

The House on Friday approved the measure on a party-line 220-207 vote. It passed the Senate days earlier with Vice President Kamala Harris breaking a 50-50 tie in that chamber.

“In normal times, getting these bills done would be a huge achievement,” Senate Majority Leader Chuck Schumer, D-N.Y., said during the White House ceremony. “But to do it now, with only 50 Democratic votes in the Senate, over an intransigent Republican minority, is nothing short of amazing.”

Biden signed the bill during a small ceremony in the State Dining Room of the White House, sandwiched between his return from a six-day beachside vacation in South Carolina and his departure for his home in Wilmington, Delaware. He plans to hold a larger “celebration” for the legislation on Sept. 6 once lawmakers return to Washington.

The signing caps a spurt of legislative productivity for Biden and Congress, who in three months have approved legislation on veterans’ benefits, the semiconductor industry and gun checks for young buyers. The president and lawmakers have also responded to Russia's invasion of Ukraine and supported NATO membership for Sweden and Finland.

With Biden’s approval rating lagging, Democrats are hoping that the string of successes will jump-start their chances of maintaining control in Washington in the November midterms. The 79-year-old president aims to restore his own standing with voters as he contemplates a reelection bid.

The White House announced Monday that it was going to deploy Biden and members of his Cabinet on a “Building a Better America Tour” to promote the recent victories. One of Biden's trips will be to Ohio, where he'll view the groundbreaking of a semiconductor plant that will benefit from the recent law to bolster production of such computer chips. He will also stop in Pennsylvania to promote his administration's plan for safer communities, a visit that had been planned the same day he tested positive for COVID-19 last month.

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

(Video) President Biden signs massive climate and health care legislation

Republicans say the legislation’s new business taxes will increase prices, worsening the nation’s bout with its highest inflation since 1981. Though Democrats have labeled the measure the Inflation Reduction Act, nonpartisan analysts say it will have a barely perceptible impact on prices.

Senate Minority Whip John Thune, R-S.D., on Tuesday continued those same criticisms, although he acknowledged there would be “benefit” through extensions on tax credits for renewable energy projects like solar and wind.

“I think it’s too much spending, too much taxing, and in my view wrong priorities, and a super-charged, super-sized IRS that is going to be going after a lot of not just high-income taxpayers but a lot of mid-income taxpayers,” said Thune, speaking at a Chamber of Commerce event in Sioux Falls. The administration has disputed that anyone but high earners will face increased tax scrutiny, with Treasury Secretary Janet Yellen directing the tax agency to focus solely on businesses and people earning more than $400,000 for the new audits.

The measure is a slimmed-down version of the more ambitious plan to supercharge environment and social programs that Biden and his party unveiled early last year.

Biden’s initial 10-year, $3.5 trillion proposal also envisioned free prekindergarten, paid family and medical leave, expanded Medicare benefits and eased immigration restrictions. That crashed after centrist Sen. Joe Manchin, D-W.Va., said it was too costly, using the leverage every Democrat has in the evenly divided Senate.

During the signing event, Biden addressed Manchin, who struck the critical deal with Schumer on the package last month, saying, “Joe, I never had a doubt” as the crowd chuckled.

Though the law is considerably smaller than their initial ambitions, Biden and Democrats are hailing the legislation as a once-in-a-generation investment in addressing the long-term effects of climate change, as well as drought in the nation’s West.

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

Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act. Medicare would gain the power to negotiate its costs for pharmaceuticals, initially in 2026 for only 10 drugs. Medicare beneficiaries’ out-of-pocket prescription costs would be limited to $2,000 annually starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the costly diabetes drug.

Rep. Jim Clyburn, D-S.C., a powerful political ally to Biden, noted during the White House ceremony that his late wife, Emily, who battled diabetes for three decades, would be “beyond joy” if she were alive today because of the insulin cap.

(Video) Biden signs massive climate and health care bill

“Many seem surprised at your successes," Clyburn told Biden. “I am not. I know you."

___

Associated Press writer Alan Fram in Washington contributed to this report.

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