President Biden is set to sign a sweeping $739 billion bill to address the climate crisis, reduce drug costs and establish a 15% minimum tax for large corporations. On Friday, the House passed the Inflation Reduction Act on a party-line vote of 220 to 207. No Republicans supported the legislation. The White House released a video of Biden praising the bill.
President Joe Biden: “The American people are going to see lower prescription drug prices, lower healthcare costs and lower energy costs. And big corporations are finally going to start to pay their fair share. Those that are paying $0 in federal income tax will now have to pay a minimum tax. And America is going to take the most aggressive action we’ve ever taken in confronting the climate crisis and strengthening the energy security of America, and the world, quite frankly.”
Despite Biden’s high praise, many climate groups criticize the package for including major handouts to the fossil fuel industry, which were added to win the support of conservative Democratic West Virginia Senator Joe Manchin, who is the largest recipient of fossil fuel industry donations in Congress. The Center for Biological Diversity described the bill as “a climate suicide pact.”