President Biden touts Democrats' $750 billion tax, climate and health law as new data shows inflation in August barely slowed, and prices remain near a four-decade high.
President Joe Biden speaks about the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington, Tuesday, Sept. 13, 2022.The House and Senate passed Inflation Reduction Act along party lines. The law provides $369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030, the most significant investment fight climate change in history.
"It's been a long process, but the House Democratic caucus stayed the course, worked incredibly hard, and made this moment possible," Schumer said."And finally, I want to thank President Biden. We would never, never have gotten the Inflation Reduction Act done without his steady hand. For over a year-and-a-half, he dared us to dream big, pushed us to aim high, and urged us to never let go of our promise to the American people, especially on climate.
But Republicans insist the new law won't address high inflation, arguing it will worsen the problem, if anything. "They could not look more out of touch if they tried," Senate Minority Leader Mitch McConnell said of Democrats' White House celebration.
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