At a White House event, Biden was joined by Democratic leaders, including Sen. Joe Manchin of West Virginia, whose support was crucial to the passage of the cut-inflation bill along party lines after blocking much larger measures promoted by the White House. “Joe, we never had a doubt,” Biden said of Manchin. Biden later handed Manchin the pen he used to sign the legislation. Sign up now for FREE unlimited access to Reuters.com Register Manchin called the legislation a “balanced bill.” Biden used the signing to criticize Republicans. Democrats hope to capitalize on a string of legislative victories in November’s midterm congressional elections and launch ad campaigns on inflation. read more “In this historic moment, Democrats have stood with the American people and every Republican has stood with the special interests,” Biden said. “Every Republican in Congress voted against this bill.” U.S. President Joe Biden signs the Inflation Reduction Act of 2022 into law during a ceremony in the State Dining Room of the White House in Washington, U.S., August 16, 2022. REUTERS/Leah Millis read more Legislation to combat climate change and lower prescription drug prices aims to reduce domestic greenhouse gas emissions. It would also allow Medicare to negotiate lower drug prices for seniors and ensure that corporations and the wealthy pay the taxes they owe. Democrats say it will help fight inflation by reducing the federal deficit. Rating agencies and independent economists agree, but say results will take years. read more Senate Majority Leader Chuck Schumer, who was also present at the bill signing, said Biden knew when to stay out of the negotiations and let them play out. “He knew exactly when to step in and when to let negotiations take place. He knew when to use the bully pulpit and when to bring people together out of the spotlight. He made sure we never lost our focus on climate.” Republicans criticized the legislation for doing little to lower prices. Senate Republican Leader Mitch McConnell said the new law would have the opposite impact. “Democrats robbed Americans last year by spending our economy on record inflation. This year, their solution is to do it a second time. The party bill President Biden signed today means higher taxes, higher energy bills and aggressive IRS audits. ” he said, referring to the Internal Revenue Service. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Nandita Bose and Steve Holland. Editing by Leslie Adler, Heather Timmons and Lisa Shumaker Our Standards: The Thomson Reuters Trust Principles.
