President Joe Biden signed a $740 billion spending package into law Tuesday, the final step for the green energy, health care and tax hike bill after months of wrangling and controversy, in particular over the legislation’s hiring of 87,000 new IRS agents to audit Americans.
Democrats at the White House Tuesday touted the bill’s deficit reduction of $300 billion over the next decade. The bill includes several measures, including a $35 per month cap on insulin copays, an extension of Affordable Care Act subsidies, and authorization for Medicare to negotiate certain drug prices.
“With this law, the American people won, and the special interests lost,” Biden said. “This administration began amid a dark time in America…and yet we’ve not wavered. We’ve not flinched, and we’ve not given in. Instead, we’ve delivered results for the American people.”
The bill also spends $386 billion on clean energy and climate change initiatives. That funding includes more than $270 billion in tax credits for manufacturing wind turbines, solar panels, batteries, and other electric vehicle and green energy technology.