fbpx
Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more 11 Disruptive Startups Selected for Cohort 3 of the Africa Startup Initiative Program (ASIP) Accelerator Program powered by Startupbootcamp AfricaRead more Africa Data Centres breaks ground on new Sameer facility in NairobiRead more Coffee with a human face: A union that improves livelihoods for Ugandan farmersRead more Trends Predicted to drive the retail industry in 2023Read more Vantage Capital exits Pétro IvoireRead more Afrobarometer charts path for Round 10 surveysRead more Unified communication and collaboration trends for 2023 (By David Meintjes)Read more 2023 starts with BIG IMPACT on Bizcommunity!Read more

Biden signs climate, health care package, says ‘special interests lost’

show caption
SOMERSET, MASSACHUSETTS, USA - JULY 20: US President Joe Biden addresses the crowd and gathered media at the closed Brayton Point Power Station in Somerset, Massachusetts, United States on July 20, 2022. ( Joseph Prezioso - Anadolu Agency )
Print Friendly and PDF

Aug 17, 2022 - 07:54 AM

WASHINGTON (AA) – President Joe Biden signed into law Tuesday his party’s sweeping package to overhaul the US’ policy on climate change and health care, calling it a blow to American special interests.

Biden said the law signifies the “biggest step forward on climate ever,” and will allow the US to “boldly take additional steps toward” fighting climate change, and it provides significant benefits for Americans struggling to afford health care.

“Too often we confuse noise with substance. Too often, we confuse setbacks with defeat,” Biden said at a White House signing ceremony.

“Making progress in this country as big and complicated as ours clearly is not easy. It’s never been easy, but with unwavering conviction, commitment and patience, progress does come.”

The law includes a record $369 billion in spending on climate change and energy policies, and is projected to slash US carbon emissions by roughly 40% by 2030.

It also allocates $64 billion to reduce health insurance costs by locking in lower premiums under the Affordable Care Act, saving 13 million families an average of $800 per year.

The bill, known as the Inflation Reduction Act, will also cap drug costs at $2,000, limit out-of-pocket insulin costs to $35 per month, and allows Medicare to negotiate lower prices for prescription drugs for the elderly.

It would be funded by imposing a 15% corporate tax on wealthy corporations. The plan also spends $80 billion to boost the Internal Revenue Service’s enforcement and compliance divisions, which are expected to yield $124 billion in revenue.

Biden said with the law “the American people won, and the special interests lost,” pointing to the opposition the bill faced.

“We’ve not flinched, and we’ve not given in. Instead, we’re delivering results for the American people,” he said. “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.”

While the measure will not immediately affect rising gas and food prices, it does seek to reduce the deficit by $300 billion in the next 10 years, with total provisions of the bill estimated to raise $737 billion, as well as reduce the overall deficit by nearly $2 trillion in the next two decades.

The bill narrowly passed the House of Representatives on Friday after clearing the Senate in an exceedingly rare 50-50 vote in which Vice President Kamala Harris cast the tie-breaking ballot.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.