Biden signs $739 billion inflation-cutting bill and slams GOP for voting against tax and climate deal – Fox News | Vette Leader

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President Biden signed the inflation-cutting bill into law on Tuesday, saying “the American people won and the special interests lost” with the new legislation, touting support for Democrats while criticizing Republicans for not supporting the bill.

The President returned to the White House after a week-long vacation on Kiawah Island, South Carolina. Biden was joined during an event in the State Dining Room of the White House by House Majority Whip Jim Clyburn and Senate Majority Leader Chuck Schumer.

“With this law, the American people won and the special interests lost,” Biden said on Tuesday. “This administration began in the midst of a dark time in America … a once-in-a-century pandemic, devastating unemployment, clear and present threats to democracy and the rule of law, doubts about the future of America itself — and yet we have not wavered, we.” didn’t flinch and we didn’t back down.”

Biden instead said the law will “deliver results for the American people.”

ANALYSIS SUGGESTS THAT THE INFLATION REDUCTION ACT WILL REDUCE ANNUAL INFLATION BY ONLY 0.1 PERCENTAGE POINTS

President Joe Biden speaks at the House Democratic Caucus Issues Conference.
(AP Photo/Patrick Semansky)

“We didn’t tear it down. We built. We haven’t looked back. We’re looking ahead,” Biden said. “And today, today, offers further evidence that the soul of America is vibrant. America’s future is bright and America’s promise is real. And it’s only just beginning.”

The bill, passed by the Senate earlier this month and the House last week, is estimated to cost $437 billion, with $369 billion going to investments in “energy security and climate change,” according to a summary by Senate Democrats.

Vice President Kamala Harris cast a landmark vote to pass the bill 51-50 in the Senate, and the House of Representatives passed the bill days later.

“I am confident that this bill will stand as one of the greatest legislative accomplishments in decades,” said Schumer, DN.Y. “In normal times it would be a great accomplishment to get these bills completed, but now, with just 50 Democratic votes in the Senate over an adamant Republican minority, it’s nothing short of amazing.”

Schumer thanked Biden for his leadership during Tuesday’s event, and he thanked fellow Democrats, including Sen. Joe Manchin, DW.Va., for banding together to pass the package, saying it showed, ” how dedicated and persistent our caucus is”.

Clyburn hailed Biden as a “statesman willing to put people above politics,” and called the passage of the bill through the House of Representatives “one of the few truly historic days in the 30 years I’ve been in Congress.”

“The law I’m about to sign isn’t just about today, it’s about tomorrow,” Biden said. “It’s about bringing progress and prosperity to American families.”

He added, “It’s about showing Americans and the American people that democracy still works in America, despite all the talk of its demise, not just for the privileged few but for all of us.”

Biden said the president’s “primal duty” is to “defend what is best about America” ​​and to “pursue justice, ensure fairness, deliver outcomes that create those opportunities that all of us, all of us, have life.” can mean meaning and prosperity in a nation that is safe and secure.”

“That’s the job I do,” Biden said, adding, “And today is part of an extraordinary history written by this administration and our valiant allies in Congress.”

Sen. Joe Manchin, DW.Va., challenges a reporter during a news conference on the Democrats' Reconciliation Act.

Sen. Joe Manchin, DW.Va., challenges a reporter during a news conference on the Democrats’ Reconciliation Act.
(Tyler Olson/Fox News)

Biden also stressed that in line with his campaign pledge, the Inflation Reduction Act will not raise taxes on Americans earning less than $400,000.

Biden, in a dig at Republicans, said, “The Democrats have sided with the American people, and every single Republican in Congress has sided with the special interest on this, every single one.”

“Remember, every single Republican in Congress voted against this bill — every single Republican in Congress voted against lowering prescription drug prices, lowering health care costs, and voting against the fairer tax system,” Biden said. “Every single Republican, every single one, voted against fighting the climate crisis, against lowering our energy bills, against creating good-paying jobs.”

He added: “My fellow Americans, this is the choice we face. We can protect those already powerful or show the courage to build a future where everyone has an equal opportunity.”

The legislation follows a year of negotiations and cuts from an earlier bill, the Build Back Better Act, which originally called for more than $3 trillion in spending and failed in the Senate.

Earlier this month, after Democrats reached an agreement, Biden urged Congress to “put the politics aside” and pass the bill, but acknowledged it was “far from perfect.”

“President Biden and congressional Democrats have worked together to achieve a historic legislative achievement that will defeat special interests, benefit American families and grow the economy bottom-up and middle,” the White House said in a statement released Monday information sheet.

BIDEN RETURNS TO THE WHITE HOUSE TO SIGN AN INFLATION REDUCING ACT BEFORE A MULTI-STATE TOUR

Democrats expect the legislation will reduce the deficit by bringing in $737 billion. That includes an estimated $124 billion from IRS tax enforcement, the projected result of hiring 87,000 new IRS officers who will ramp up audits.

The bill also includes a 15% minimum corporate tax that the Joint Committee on Taxation estimates will bring in $222 billion, and prescription drug pricing reform that the Senate estimates will bring in $265 billion .

President Joe Biden departs Holy Ghost Catholic Church after attending Mass on August 13, 2022 on Johns Island, South Carolina.

President Joe Biden departs Holy Ghost Catholic Church after attending Mass on August 13, 2022 on Johns Island, South Carolina.
(Reuters/Joshua Roberts)

One thing that the Anti-Inflation Act fails to achieve, according to several analyses, is to bring down inflation. The Congressional Budget Office said the bill will have “a negligible impact” on inflation in 2022, and in 2023 its impact would range from a 0.1% reduction in inflation to a 0.1% increase.

The United States is facing record-high inflation, which slowed for the first time in months in July but kept prices near the highest level in 40 years.

The Labor Department said last week that the consumer price index, a broad measure of the price of basic necessities including petrol, groceries and rent, rose 8.5% year on year in July, below the year-on-year increase of 9.1% fell in June. Prices remained flat for the one-month period starting in June.

Searing inflation has put great financial pressure on most US households, who are forced to pay more for basic necessities like groceries and rent. The burden will be borne disproportionately by low-income Americans, whose already overdrawn paychecks are severely affected by price swings.

INFLATION ROSE 8.5% IN JULY AS PRICES REMAIN COOL BUT NEAR RECORD HIGH

Although American workers have enjoyed strong wage increases in recent months, inflation has largely eroded them. Real average hourly earnings fell 0.5% mom in July when higher consumer prices are factored in, according to the Labor Department. On an annual basis, real incomes even fell by 3% in July.

Last month saw real respite for US households in the form of lower energy prices, which contributed to the decline in headline inflation. Energy costs fell 4.6% mom in July but remained 32.9% higher than a year ago, while gasoline prices fell 7.7% in July. They increased by 44.9% compared to the previous year.

However, other price increases were extensive in July as inflation remained stubbornly high. The food index rose 1.1%, for a 12-month gain of 10.9%, the highest since May 1979. Consumers paid more for items like cereal, chicken, milk and fresh vegetables.

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Housing costs, which account for about 40% of the rise in core inflation, rose 5.7%, the fastest since February 1991.

Rental costs increased 0.7% month-on-month and 6.3% year-on-year. Rising rents are a worrying trend, as higher housing costs have the most immediate and acute impact on household budgets. Another data point that measures how much homeowners would pay in rent-equivalent if they hadn’t bought their home, rose 0.6% mom in July.

Fox News’ Ronn Blitzer and Megan Henney contributed to this report.

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