President Joe Biden signed a sweeping $750 billion health care, tax and climate bill into law at the White House on Tuesday, a major victory for his administration and the Democratic Party before the midterm elections.
The newest signed bill was a significantly reduced version of Biden’s $1.75 trillion Build Back Better plan from last year.
The new law includes a $369 billion investment in climate and energy policies, a $64 billion to extend a policy under the Affordable Care Act to reduce health insurance costs, and a 15% corporate minimum tax aimed at companies earning more than $1 billion annually.
“With this law, the American people won and the special interests lost,” Biden said in remarks before he signed the bill.
The $437 billion spending package is estimated to raise $737 billion over the next decade, mostly through Medicare prescription price reductions and corporate tax rises. It will also cut the deficit by $300 billion over a decade.