Biden Hails a New Senate Compromise on Inflation and Climate Change as ‘Historic’

The Vice President has praised as “historic” the agreement reached by Senate Democrats on a plan to combat the climate catastrophe and reduce the cost of prescription pharmaceuticals. Both of these goals are essential components of the President’s domestic agenda. At the White House on Thursday, Vice President Joe Biden referred to the law as the Inflation Reduction Act and added, “It’s a significant issue.”

He said that the law will not only ease the burden of inflationary pressure on the economy but also represent the single most significant investment the United States has ever made toward ensuring its energy independence. He stated, “With this law, we are facing up to some of our deepest problems, and we are taking a giant step ahead as a nation.” “We are taking a giant stride forward as a nation.”

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He made note of the fact that both former Vice President Al Gore, an advocate for climate change reform, and Larry Summers, who has been critical of the economic approach taken by the Biden administration, have expressed support for the bill. Summers has been critical of the Biden administration’s economic approach. An agreement on the legislation took several months to reach after a Democratic holdout in the Senate named Joe Machin reversed his support for a larger bill earlier in July.

Biden Hails a New Senate Compromise on Inflation and Climate Change as 'historic' (2)
Biden Hails a New Senate Compromise on Inflation and Climate Change as ‘historic’ (2)

He explained that he was reluctant to approve additional spending at a time when inflation was so high, and he cited this as the reason for his change of heart. As a result of Manchin’s opposition, the plan was significantly watered down and refocused on health care. Specifically, the elements that featured investments in combatting climate change and tax provisions were removed.

However, following the unexpected about-face taken by the senator from West Virginia on Wednesday, it appears that progress will be made on the bill. Biden: “I want to thank [Majority] Leader [Chuck] Schumer and Joe Manchin for their incredible effort it took to get this conclusion.” Schumer: “I want to thank Joe Manchin for the extraordinary effort it took to accomplish this result.”

The plan includes provisions totaling around $370 billion for expenditure on energy and climate change, in addition to approximately $300 billion for deficit reduction. In addition to this, it would bring in an additional approximately $313 billion via a new corporate minimum tax of 15%. The president pointed out that the bill does not contain several provisions from his Build Back Better agenda, which he says he will continue to fight for.

These provisions would make childcare and elder care more affordable, reduce the cost of college and pre-school, and expand Medicaid. The president says he will continue to fight for these provisions. “This bill is not even close to being ideal. It’s a middle ground solution. However, this is typically how advances are produced “Biden said.

According to what he had to say, “My message to Congress is this: This is the strongest bill you can adopt” in order to cut inflation, tackle the environmental catastrophe, and reduce the burden that is placed on people in the lower and middle classes. “Do it for the American people.” The bill might be taken up for debate in the Senate as soon as the next week.

In order to prevent a Republican filibuster, Democrats are planning to use a budget procedure known as reconciliation to get the bill to the floor for a vote. To be successful, this measure requires backing from each of the Senate’s fifty Democratic members.

Biden Wasn’t Participating in the Legislative Deliberations, According to Manchin

Biden Hails a New Senate Compromise on Inflation and Climate Change as 'historic' (2)
Biden Hails a New Senate Compromise on Inflation and Climate Change as ‘historic’ (2)

On Thursday morning, Manchin stated that he did not consult with Biden about the accord as the various conversations progressed.  Manchin stated to Hoppy Kercheval, a radio DJ in West Virginia, that Vice President Joe Biden was not involved in any way. “I had no intention of letting the president into the room.

Bringing him into the conversation just didn’t seem right to me. And it’s entirely possible that this event never would have taken place at all. It was possible that things may not go as planned.” In addition to this, he refuted the narrative that he had abandoned support for the law a few weeks ago. “I’m not walking away from anything. I’m just trying to avoid potential problems here, “He stated this while elaborating on his worries about the rising cost of living.


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