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Biden Signs $740 Billion Inflation Reduction Act

President Joe Biden signed the Inflation Reduction Act into law on Tuesday, a move heralded by the Biden administration as a huge win and by Republicans as a devastating loss.

During the bill signing on Tuesday, Biden called the legislation “one of the most significant laws in our history” and joked that he never had a doubt that he had Sen. Joe Manchin’s (D-WV) support for the legislation.

Manchin, who struck a deal in private on the legislation with Senate Majority Leader Chuck Schumer (D-NY), has claimed that this package will help the nation fight inflation.

The president and his administration have promised that the act will lower the costs of energy, prescription drugs, and health care for American families, as well as combat the climate crisis, reduce the deficit, and force the largest corporations to pay their “fair share of taxes.”

The legislation passed the United States House of Representatives and Senate last week, allocating $740 billion toward Internal Revenue Service (IRS) funding, Affordable Care Act subsidies, green energy subsidies and tax credits, and more.

Democrats claimed that the Inflation Reduction Act would allow Congress to pay down federal debt by leading to new federal revenue, but Republicans expressed strong concerns about the $80 billion allocated in new funding to the IRS (allowing for up to 87,000 new IRS employees) and argued that poorer Americans will subsequently face more audits.

“The law will increase historic inflation and…

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