WASHINGTON – President Joe Biden on Tuesday signed a scaled-back version of his ambitious “Build Back Better” agenda into law, capping off a series of modest legislative wins heading into the autumn midterms.
“With this law, the American people won, and the special interests lost,” Biden said.
The measure increases investments in renewable energy, imposes a fee on methane emissions, allows Medicare to negotiate with drug companies to win lower prices for prescription drugs, and extends larger subsidies to poorer families enrolled in the Affordable Care Act.
“This means seniors are going to pay less for their prescription drugs,” Biden said, reading from prepared remarks. “This is a godsend for so many families, and so, so long overdue.”
To pay for it, the new law creates a 15% minimum tax on large corporations and restores positions at the Internal Revenue Service to reduce tax avoidance.
Biden put his signature on the 273-page bill in the White House’s State Dining Room during a brief return to Washington in the middle of his summer vacation, with Cabinet members, staff and others seated before him. He then handed the pen to West Virginia Democratic Sen. Joe Manchin, who last month offered his support for a pared-down form of the sweeping changes Biden had campaigned on and sought during his first year and a half in office.
“This bill is the biggest step forward on climate, ever,” Biden boasted.
The legislation increases spending a total of $700 billion…
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