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.
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, though the administration has yet to announce specific travel by the president.
“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 withsince 1981. Though Democrats have labeled the measure the Inflation Reduction Act, nonpartisan analysts say it will have a barely perceptible impact on prices. 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