WASHINGTON (AP) — President Joe Biden gathered a crowd of thousands at the White House Tuesday to celebrate last month’s passage of the Inflation Reduction Act, even as a new government report showed how hard it could be to bring surging prices down near prepandemic levels.
The legislation, which passed with only Democratic votes in Congress, also included the most substantial federal investment in history to fight climate change — some $375 billion over a decade — and will cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.
“I believe Republicans could have and should have joined us on this bill as well,” Biden said. “After all, this bill cut costs for families to help reduce inflation at the kitchen table.” In theory, the law could reduce inflationary pressures because it would lower annual budget deficits by $300 billion over 10 years.
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