President Joe Biden on Tuesday signed the Democrat-backed “Inflation Reduction Act” into law amid decades-high inflation.
In a signing ceremony at the White House Tuesday, Biden asserted the bill will be one of the “most significant laws in our history” and claimed that the bill was a win for “democracy,” though it was not supported by any Republicans in either the House or Senate. To applause, Biden also said that people who make less than $400,000 per year will “not pay a penny more” in taxes.
He was joined by House Majority Whip Jim Clyburn (D-S.C.) and Senate Majority Leader Chuck Schumer (D-N.Y.). “It shows how dedicated and persistent our caucus is. I want to give all 50 of my colleagues … huge credit for getting this bill over the finish line,” Schumer said of Democrats in the Senate….