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 ahead of the midterms: “The American people won, and the special interests lost.”