Current:Home > MyInflation and climate change tackled in new Senate deal that Biden calls 'historic'-DB Wealth Institute B2 Reviews & Ratings
Inflation and climate change tackled in new Senate deal that Biden calls 'historic'
lotradecoin spot trading tutorial View Date:2024-12-25 16:44:54
President Biden hailed as "historic" the Senate Democrats' agreement on a bill to fight the climate crisis and decrease the cost of prescription drugs — key pieces of his domestic agenda.
"It's a big deal," Biden said of the bill, called the Inflation Reduction Act, at the White House Thursday. He said the legislation also would both reduce inflationary pressure on the economy and serve as the most important investment the nation has ever made in energy security.
"With this legislation, we're facing up to some of our biggest problems and we're taking a giant step forward as a nation," he said.
He noted that both former Vice President Al Gore, a champion of climate change reform, and Larry Summers, who has been critical of the Biden administration's economic approach, expressed support for the bill.
Agreement on the legislation took months after Senate Democratic holdout Joe Machin backtracked his support for the larger bill earlier in July, saying he was hesitant to approve more spending when inflation was so high. Manchin had opposed parts of the bill that included investments in combating climate change and tax provisions, leaving a slimmed-down, health care-focused bill instead.
But now, with the West Virginia senator's surprise reversal Wednesday, the bill appears to be moving forward.
"I want to thank [Majority] Leader [Chuck] Schumer and Joe Manchin for their extraordinary effort it took to reach this result," Biden said.
The bill includes about $300 billion in deficit reduction and $370 billion in energy and climate spending provisions. It would also raise about $313 billion from a new 15% corporate minimum tax.
The president noted that the bill does not include several parts of his Build Back Better agenda that he says he will continue to fight for — provisions that would make childcare and elder care more affordable, reduce the cost of college and pre-school and expand Medicaid.
"This bill is far from perfect. It's a compromise. But it's often how progress is made," Biden said. "My message to Congress is this: This is the strongest bill you can pass" to reduce inflation, combat climate crisis and reduce the burden facing lower and middle class families, he said.
"Pass it for America."
The Senate could take up the bill as early as next week. Democrats are hoping to bring it to the floor using a budget process called reconciliation to avoid a Republican filibuster. Support from all 50 Senate Democrats would be necessary to pass it.
Manchin says Biden was not involved in bill negotiations
Manchin said Thursday morning he did not confer with Biden about the deal as negotiations evolved.
"President Biden was not involved," Manchin told West Virginia radio host Hoppy Kercheval. "I was not going to bring the president in. I didn't think it was fair to bring him in. And this thing could very well could not have happened at all. It could have absolutely gone sideways."
And he pushed back on rhetoric that he walked away from the bill a few weeks ago.
"I'm not walking away from anything. I'm just being very cautious," he said, pointing to his concerns about increasing inflation.
veryGood! (61)
Related
- The State Fair of Texas is banning firearms, drawing threats of legal action from Republican AG
- As political scandal grips NYC, a fictional press conference puzzles some New Yorkers
- Officials warn that EVs could catch fire if inundated with saltwater from Hurricane Helene
- Real Housewives of Beverly Hills Alum Kim Richards Gets Into Confrontation With Sister Kyle Richards
- Ex-YouTube CEO Susan Wojcicki dies a year after stepping down. Who is the current CEO?
- AI Is Everywhere Now—and It’s Sucking Up a Lot of Water
- Naomi Campbell Banned as Charity Trustee for 5 Years After Spending Funds on Hotels, Spas and Cigarettes
- How Steamy Lit Bookstore champions romance reads and love in all its forms
- State, local officials failed 12-year-old Pennsylvania girl who died after abuse, lawsuits say
- Kylie Jenner's Pal Yris Palmer Shares What It’s Really Like Having a Playdate With Her Kids
Ranking
- Collin Gosselin claims he was discharged from Marines due to institutionalization by mom Kate
- Machine Gun Kelly talks 1 year of sobriety: 'I can forgive myself'
- A rare condor hatched and raised by foster parents in captivity will soon get to live wild
- Allison Holker Shares How Her 3 Kids Met Her New Boyfriend Adam Edmunds
- Get 70% Off Kate Spade, 70% Off Coach, 40% Off Banana Republic, 40% Off Disney & Today's Top Deals
- What time is Alycia Baumgardner vs. Delfine Persoon fight? Walk-in time for main event
- Will Ferrell recalls his biggest 'fear' making Netflix film with trans best friend
- House explosion that killed 2 linked to propane system, authorities say
Recommendation
-
What to stream: Post Malone goes country, Sydney Sweeney plays a nun and Madden 25 hits the field
-
‘Saturday Night Live’ launches 50th season with Jean Smart, Jelly Roll and maybe Maya as Kamala
-
Shohei Ohtani 50-50 home run ball: Auction starts with lawsuit looming
-
Sean Diddy Combs Accused of Rape and Impregnating a Woman in New Lawsuit
-
Biden to designate 1908 Springfield race riot site as national monument
-
Georgia-Alabama leads Top 25 matchups leading seven college football games to watch in Week 5
-
Former Justice Herb Brown marks his 93rd birthday with a new book — and a word to Ohio voters
-
House explosion that killed 2 linked to propane system, authorities say