President Joe Biden on Tuesday will tout the Inflation Reduction Act of 2022, designed to combat climate change, address health care costs and raise taxes on large corporations, as one of the most consequential bills in U.S. history.
The president will celebrate the legislation as a “major win” for middle-class families over rich special interests, according to a White House official. He will claim the bill lowers costs for families and takes an aggressive approach in addressing the administration’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 to not support the bill that the administration says will reduce costs for the American people.
Additionally, he will slam congressional Republicans for opposing both a $35 insulin cap and the hiring of 87,000 Internal Revenue Service agents. Senate Republicans managed to block the provision on the insulin cap.
Cabinet secretaries, members of Congress, governors, mayors, climate and environmental leaders, healthcare activists and union workers will be among the thousands of Americans in attendance at the White House for the president’s celebration.
Vice President Kamala Harris will also be there for the celebration and to deliver remarks.
Biden signed the Inflation Reduction into law last month after it passed through Congress along party lines, with Harris casting the tie-breaking vote in the Senate.
And despite the Inflation Reduction Act’s title, the bill will do little to impact inflation. The nonpartisan Congressional Budget Office said the bill will have “a negligible effect” on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.