Biden signs Inflation Reduction Act into law, sealing major Democratic victory on climate, health care and taxes

Washington — President Biden signed the Inflation Reduction Act into law at the White House on Tuesday, finalizing a signature piece of legislation aimed at fighting climate change, lowering health care costs and raising taxes on corporations just weeks before the midterm elections. .

The House and Senate passed the bill along party lines last week, after Democratic Sen.

Joe Manchin and Senate Majority Leader Chuck Schumer struck a deal after many months of negotiations.

Biden told the crowd assembled at the White House.

Schumer, too, praised the president for steering the the Inflation Reduction Act across the finish line6

The announcement of an agreement between Manchin and Schumer last month came as a surprise to many Democrats.

The president signed the bill after returning from vacation in South Carolina

In the weeks ahead, the White House says the president will travel across the country to articulate how the bill will help Americans

Still, the White House points to a letter signed by more than 120 economists promoting the bill and insisting it will put "downward pressure on inflation by reducing the government's budget deficit by an estimated $300 billion over the next decade."