Actually, US President Biden had planned even more in the fight against climate change and inflation. In the end it was a compromise – but Biden is still celebrating the newly passed legislative package.
With a big event in the White House, US President Joe Biden celebrated a recently passed legislative package that provides for billions in investments in climate protection and social affairs.
It is the most important law passed by Congress to combat inflation and, in his opinion, “one of the most important laws in the history of our country,” Biden said on Tuesday in front of hundreds of guests in the garden of the US government headquarters. The Democrat hailed the so-called Anti-Inflation Act as a major win for the American people. Eight weeks before the congressional elections in November, the US President is trying to publicly highlight the achievements of his government.
Broad law
Biden signed the law into law in mid-August. The Anti-Inflation Act is much broader than the name suggests. The climate protection measures should lead to a reduction in climate-damaging CO2 emissions in the USA by around 40 percent by 2030 compared to 2005. The cost of certain medicines should go down. The legislative package is also intended to close tax loopholes.
The government expects the law to reduce the state deficit by more than $300 billion. This should also curb high inflation. Biden’s Democrats hope to be able to score with voters with the legislative package with a view to the congressional elections.
Biden had even bigger plans
Originally, however, Biden started with much larger climate and social projects. According to the government, the current package envisages the most comprehensive investments in the United States to combat climate change, but it is a compromise due to disputes within the Democrats. It contains only a fraction of what Biden once wanted to push through. Nevertheless, the fact that the law was passed at all is a victory for the president – until recently this was hardly expected.
Source: Stern
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