Biden signed the 740 billion-dollar bill: Over climate, health care, taxes, and inflation

US President Joe Biden signed on Thursday (August 16th a $740 billion bill aimed at fighting climate change, raising taxes on large corporations, and expanding healthcare coverage.

The bill, dubbed “Inflation Reduction Act”, is a major legislative achievement for the Democrats, including the largest climate package in US history and immediately becomes one of the key elements of his two-year presidency.

It went to the polls in both the House of Representatives and the Senate last week with the support of any Democrat but no Republican.

This package includes measures designed to support low-emission energy alternatives and lower greenhouse gas emissions, as well as lower prescription drug prices and increase taxes on corporations and rich ones.

The legislation will raise around 700 billion dollars through increased corporate taxes and prescription drug savings, and will spend about $400 billion on clean energy and health care provisions.

Biden returned briefly from vacation to sign the bill, which was adopted along party lines without any support from opposition republics.

“This bill is the greatest step forward to combat climate change,” he said at a signing ceremony in the White House.

Republican critics have attacked many elements of the bill, claiming its expenditures would accelerate inflation rather than curb it.