President Joe Biden signed into law Tuesday a major Democratic spending bill that seeks to fight climate change, raise taxes on corporations and expand health care coverage.
The bill, dubbed the Inflation Reduction Act, is a major legislative achievement for Democrats ahead of the midterm elections. It passed the House and the Senate last week with the support of every Democrat and no Republicans.
“With this law, the American people won, and the special interests lost,” Biden said in remarks from the White House. “We didn’t tear down; we built up. We didn’t look back; we looked forward. And today offers further proof that the soul of America is vibrant.”