President Biden to sign Inflation Reduction Act into law
PITTSBURGH (KDKA) -- In just a few hours, President Biden will be signing the Inflation Reduction Act, making it officially a law.
The act is aimed at lowering costs for families and focuses on three main issues -- healthcare, climate change, and taxes.
The $430 billion bill passed the House and Senate along party lines last week.
The White House administration says the bill will help decrease carbon emissions and create a 15% minimum tax for corporations that make $1 billion or more.
The administration says it will provide tax credits and rebates for consumers who invest in energy-efficient appliances and vehicles.
It will also cut prescription and healthcare costs, including limiting out-of-pocket expenses for seniors to $2,000 annually and allow Medicare to negotiate drug prices.
The administration says these changes will benefit families and the future.
"Immediately, people will be able to lower the fuel costs in their home." said Energy Secretary Jennifer Granholm.
"Reducing costs in Medicare is one of the ways this bill reduces the federal deficit," said Brian Deese, Director of the White House's National Economic Council.
However, many are skeptical about how the legislation will impact inflation.
The Congressional Budget Office believes it won't lower inflation this year, but instead, years ahead.
The White House argues that more than 120 economists say the bill puts downward pressure on inflation by reducing the government's budget deficit by $300 billion over the next decade.
After signing the bill into law, President Biden will travel nationwide to talk about how the law will help Americans and celebrate its enactment on Sept. 6.
