President Joe Biden will on Tuesday tout the Inflation Reduction Act of 2022, designed to fight climate change, address health care costs and raise taxes on big corporations, as one of his most consequential bills in US history. The president will celebrate the legislation as a “significant victory” for middle-class families over wealthy special interests, according to a White House official. He will claim the bill reduces costs for families and take an aggressive approach to tackling the government’s climate concerns. Biden will also call out Republicans for their opposition to the legislation, the White House official said. He plans to criticize GOP lawmakers for their unanimous decision not to support the bill that the administration says will lower costs for the American people. In addition, he will criticize congressional Republicans for opposing both the $35 insulin cap and the hiring of 87,000 Internal Revenue Service agents. Senate Republicans managed to block the insulin cap provision. BIDEN SIGNS DE-INFLATION ACT: HERE’S WHAT IT MEAN FOR YOUR WALLET President Joe Biden will on Tuesday tout the Inflation Reduction Act of 2022, designed to fight climate change, address health care costs and raise taxes on big corporations, as one of his most consequential bills in US history. (White House) Cabinet secretaries, members of Congress, governors, mayors, climate and environmental leaders, health activists and union workers will be among the thousands of Americans who will attend the White House to celebrate the president. Vice President Kamala Harris will be there for the celebration and to speak. Vice President Kamala Harris will also be at the White House for the celebration and to speak. (Thomas Coex, Pool Photo via AP / AP Newsroom) DEMOCRATS’ ACT TO REDUCE INFLATION WILL MEAN LOWER WAGES FOR MILLIONS OF AMERICANS Biden signed the Deflation Act into law last month after it passed Congress along party lines, with Harris giving the tiebreaker in the Senate. Biden signed the anti-inflation bill into law last month after it passed Congress along party lines, with Harris giving the tiebreaker in the Senate. (AP Photo/Patrick Semansky/AP Images) CLICK HERE TO READ MORE ABOUT FOX BUSINESS And despite the title of the Inflation Reduction Act, the bill will do little to affect inflation. The nonpartisan Congressional Budget Office said the bill would have a “negligible impact” on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.
