President Biden on Friday celebrated the two-year anniversary of his administration’s signature legislative achievement, the Inflation Reduction Act, as former President Trump and other Republicans target and vow to roll back parts of the law should they win back the White House in November.
Biden, in a statement, touted the law as the “largest climate investment in history that is lowering energy costs and creating good-paying union jobs, while taking on Big Pharma to lower prescription drug costs—with Vice President Harris casting the tie-breaking vote.”
The president argued the law was helping to lower health care costs, improve energy security, and create clean energy jobs around the country. He also asserted the law would lower the deficit over several years by closing tax loopholes and increasing IRS enforcement.
“While Republicans in Congress try to repeal this law—which would increase prescription drug costs and take good-paying jobs away from their constituents, all to give massive 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 breathing room,” Biden said.
Democrats passed the Inflation Reduction Act without any GOP support in 2022. The $740 billion law allowed Medicare to negotiate prices for some drugs and bolstered health insurance subsidies, incentivized climate-friendly practices like the use of solar panels and electric vehicles and allocated billions of dollars to crack down on wealthy individuals and companies evading tax laws.
Biden and Vice President Harris took a victory lap this week after the government announced billions of dollars in savings on 10 of the most expensive prescription drugs through Medicare negotiations.
But Trump and other Republicans have blasted the law and argued it contributed to rising costs of groceries, energy and other goods.
Trump has railed against the law’s clean energy incentives in particular, suggesting he will reverse them if he takes office. He has targeted Harris, his opponent in November’s election, for casting the tiebreaking vote for the legislation in the Senate and argued it is a key driver of inflation.
Republican lawmakers have frequently spoken about scaling back the funding the law provides for the IRS, arguing that it is a poor use of funds and could be used to offset spending elsewhere.
The law is not entirely unpopular with Republicans, though. More than a dozen House Republicans wrote to Speaker Mike Johnson (R-La.) earlier this month asking him not to axe clean energy tax credits in the Inflation Reduction Act if the GOP maintains or expands its House majority next year.