The US authorities are fighting inflation not only in words but also in deeds. Instead of asking people to tighten their belts, US President Joe Biden intensified efforts to tackle surging prices and signed a bill aimed at tamping down inflation.
The American leader thanked Congress for welcoming his initiative and promptly adopted new legislation to address inflation. Interestingly, in the Senate evenly divided between the two parties, a sweeping $430 billion bill intended to fight climate change, lower drug prices, and raise some corporate taxes passed solely thanks to US Vice President Kamala Harris. Republican lawmakers opposed the initiative, saying that it would hardly help bring prices down. In addition, zero inflation in July forced them to question the need to combat inflation.
Besides, Republicans felt that a proposed increase in taxes on Americans with more than $400,000 of income could also hit ordinary taxpayers. However, Biden's idea was brought to life after both opposition senators from the ruling Democratic Party, Joe Manchin and Kyrsten Sinema, finally supported the bill. Notably, the legislation called the Inflation Reduction Act includes a $370 billion investment in climate and energy policies and $64 billion to cover health insurance costs.
