President Biden Signs Climate Change Law, Slams Democrats

Govt. to spend $370 billion on green energy initiatives...

Ahead of boosting the country from the climatic change, US President Joe Biden signed into law a big climate change and health care spending bill, giving Democrats another boost ahead of midterm elections in which Republicans are suddenly less certain of their predicted crushing victory.

The law, dubbed the Inflation Reduction Act, was touted by the White House as the biggest commitment to mitigating climate change in US history, as well as targeting long-sought changes in the way medicines are priced, while adding fairness to the tax system, with a minimum 15 per cent tax for corporations.

Biden said in a White House speech, where Republicans have hoped to end Democrats' narrow control of Congress, "A nation can be transformed. That's what's happening now."

President said, "It's about tomorrow." "It's about delivering progress and prosperity to American families. It's about showing America and the American people that democracy still works in America," he added.

Earlier, Biden tried and failed to get through Congress, the fact he was able to sign even the scaled-back version marked a political resurrection -- a success Democrats now hope might fuel a comeback at the ballot box later this year.

While taking notes from the plan, the govt. will spend about $370 billion on green energy initiatives while also allowing the state-run Medicare system to negotiate prices for prescription drugs, a popular measure designed to cut the often ruinous prices Americans are forced to pay.

Although the Republican National Committee called a provision to subsidize electric vehicle purchases a "scam," the Sierra Club, an environmental lobbying group, praised what it called a bold step in the struggle against an overheating planet.