WASHINGTON (Pakistan Point News / Sputnik - 17th August, 2022) US President Joe Biden on Tuesday signed the Inflation Reduction Act of 2022 into law, authorizing hundreds of billions of Dollars in spending on areas that include tax enforcement and health care in an effort to address the Federal budget deficit over time.
"The Inflation Reduction Act does so many things that for so many years so many of us have fought to make happen," Biden said during remarks at the White House prior to signing the bill. The legislation was passed by both, the US House and Senate along partisan lines.
The measure provides approximately $369 billion in funding for green technology and energy security, as well as tens of billion for health care. The bill also enables the US government to negotiate certain prescription drug prices in Medicare and Medicaid and commits $80 billion toward Internal Revenue Service (IRS) tax enforcement.
