President Biden on Friday celebrated the two-year anniversary of his administration’s signature legislative achievement, the Curb Inflation Act, while former President Donald Trump and other Republicans in Congress are aiming to repeal parts of the law if they regain power in November.
In a statement, Biden touted the legislation as “the biggest climate investment in history that will lower energy costs, create good-paying union jobs and take on Big Pharmaceuticals to lower the cost of prescription drugs, with Vice President Harris casting the final vote.”
The president argued that the law would help lower health care costs, improve energy security, and create clean energy jobs across the country, and that it would reduce the budget deficit over several years by closing tax loopholes and strengthening IRS enforcement.
“While Republicans in Congress try to repeal this law that raises the cost of prescription drugs, takes good-paying jobs away from our constituents, and gives huge tax cuts to big corporations, Vice President Harris and I will keep fighting to move our country forward by investing in America and giving families more money to afford it,” Biden said.
Democrats passed the Stop Inflation Act of 2022 without any Republican support. The $740 billion law allows Medicare to negotiate prices for some drugs, boosts health insurance subsidies, encourages environmentally friendly practices like the use of solar panels and electric vehicles, and allocates billions of dollars to crack down on wealthy individuals and corporations that evade tax laws.
Biden and Vice President Harris took a victory lap The government announced billions of dollars in savings on the 10 most expensive prescription drugs this week through Medicare negotiations.
But President Trump and other Republicans in Congress have slammed the law, arguing it has led to higher prices for food, energy and other goods.
Trump Condemned In particular, he opposes the clean energy incentives in the bill and has signaled he would repeal them when in office. He has criticized his rival, Harris, for casting the bill’s deciding vote in the Senate in November’s election, and claims the bill is a major contributor to inflation.
Republicans in Congress have frequently spoken out about cutting funding provided to the IRS in law, arguing it’s a waste of money that could be used to offset other spending.
But the law is not entirely unpopular with Republicans. Earlier this month, more than a dozen House Republicans sent a letter to House Speaker Mike Johnson (R-Louisiana) urging him not to repeal the Stop Inflation Act’s clean energy tax credits if Republicans maintain or expand their House majority next year.
