Biden to deliver remarks at signing of inflation bill

Biden to deliver remarks at signing of inflation bill

Biden is expected to deliver remarks from the White House'sWhite House's State Dining Room at the signing of the legislation, called the Inflation Reduction Act, at around 3: 30 p.m. The bill is a major legislative accomplishment for Democrats ahead of the midterm elections after more than a year of trying to strike a deal that satisfied both the progressives and moderates in the party.

The president is returning from his vacation in South Carolina in the morning, where he had been watching the House's passage of the legislation on Friday. After he signs the measure, he will continue his vacation in Wilmington, Del. The bill was passed by the House in a 220 -- 207 vote along party lines, with all Republicans opposing it. The measure was passed by the Senate in 51 - 50 votes earlier in the week, with Vice President Kamala Harris breaking the tie.

The legislation will raise about $700 billion through corporate tax increases and prescription drug savings, and it will spend $400 billion on clean energy and health care provisions. The package falls far short of what most Democrats wanted to do, with safety net items stripped out by Sen. Joe Manchin, D-W. Va. and a slew of tax increases blocked by Sen. Kyrsten Sinema, D-Ariz.

Biden plans to lean on members of his Cabinet to talk about the bill's benefits for Americans as part of what White House officials described as a coordinated August recess travel blitz. Nine Cabinet members are already planning to hold 18 events across the country, including on Tuesday, with EPA Administrator Michael Regan planning to talk about the legislation at a conference in Oklahoma City.

The bill includes a series of provisions that are intended to help consumers, including tax credits for clean energy household products and electric vehicles and savings on prescription drugs and health insurance premiums.

White House officials said they plan to hold a larger celebration of the legislative victory on Sept. 6.