{"id":1609223,"date":"2022-08-16T16:35:52","date_gmt":"2022-08-16T20:35:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609223"},"modified":"2022-08-16T16:36:01","modified_gmt":"2022-08-16T20:36:01","slug":"biden-signs-inflation-reduction-act-into-law","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-signs-inflation-reduction-act-into-law\/","title":{"rendered":"Biden Signs \u2018Inflation Reduction Act\u2019 Into Law"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-signs-inflation-reduction-act-into-law%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609223&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> on Tuesday signed the Democrat-backed \u201c<a href=\"https:\/\/www.theepochtimes.com\/t-inflation-reduction-act\">Inflation Reduction Act<\/a>\u201d into law amid decades-high inflation.<\/p>\n<p>In a signing ceremony at the White House Tuesday, Biden asserted the bill will be one of the \u201cmost significant laws in our history\u201d and claimed that the bill was a win for \u201cdemocracy,\u201d 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 \u201cnot pay a penny more\u201d in taxes.<\/p>\n<p>He was joined by House Majority Whip Jim Clyburn (D-S.C.) and Senate Majority Leader Chuck Schumer (D-N.Y.). \u201cIt shows how dedicated and persistent our caucus is. I want to give all 50 of my colleagues \u2026 huge credit for getting this bill over the finish line,\u201d Schumer said of Democrats in the Senate.<\/p>\n<p>The bill will direct spending, tax credits, and loans to bolster technology such as solar panels as well as equipment to reduce pollution at coal- and gas-powered power plants.<\/p>\n<p>Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act, known as Obamacare.<\/p>\n<p>Medicare would also gain the power to negotiate costs for pharmaceuticals, initially in 2026 for only 10 drugs. Medicare beneficiaries\u2019 out-of-pocket prescription costs would be limited to $2,000 annually starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the diabetes drug.<\/p>\n<p> Impact <\/p>\n<p>Neither the White House nor top Democrats have said when the Inflation Reduction Act will begin to cut inflation.<\/p>\n<p>The nonpartisan Congressional Budget Office concluded this month that the changes would have a \u201cnegligible\u201d impact on inflation this year and next. Meanwhile, the University of Pennsylvania\u2019s Penn Wharton Budget Model concluded that, over the next decade,<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden on Tuesday signed the Democrat-backed \u201cInflation Reduction Act\u201d into law amid decades-high inflation. In a signing ceremony at the White House Tuesday, Biden asserted the bill will be one of the \u201cmost significant laws in our history\u201d and claimed that the bill was a win for \u201cdemocracy,\u201d though it was not supported [\u2026]<\/p>\n","protected":false},"author":58,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1609223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1609223"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1609223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1609223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1609223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}