Inflation Reduction Act: Biden signs climate, health care, tax bill into law

Inflation Reduction Act: Biden signs climate, health care, tax bill into law

President Joe Biden has signed the Democrats' spending bill into law on August 16.

The Democrats hope to capitalize on this move ahead of the upcoming mid-term elections. 

The bill is expected to reduce the deficit and enable Medicare to negotiate drug prices.

It's been a year since this legislation is in the making.

It's a $750 billion health care, tax and climate bill.

This aims to raise over $700 billion in government revenue over 10 years.

It will spend more than $430 billion to reduce carbon emissions and extend subsidies for health insurance. 

Biden is soon to host a cabinet meeting that will focus on the law's implementation.