President Biden on Tuesday signed the Democrats' flagship climate and health care package into law, rounding out a recent spree of legislative wins ahead of the sure-to-be contentious November midterms.
The Inflation Reduction Act is a less ambitious package than Biden or his party had originally imagined; but after more than a year of negotiations, Democrats securing any sort of deal comes as a huge win. The legislation raises approximately $700 billion "through corporate tax increases and prescription drug savings," and spends about "$400 billion on clean energy and health care provisions," writes NBC News. It has been criticized by Republicans (none of whom voted yes) of doing little to actually combat inflation, notes The Wall Street Journal.
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