Biden thanked Joe Manchin, the moderate Democratic senator who killed his initial Build Back Better package and finally signed on to the new legislation after months of negotiations - including the guarantee of a gas pipeline in his home state of West Virginia.
Republicans have denounced the bill, arguing it will lead to taxes on middle-class Americans and will do little to assist and reduce increasing costs.
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"Joe, I never had a doubt," he explained to the Democrat at a signing ceremony, where Biden hailed the measure as a tool to take on the special interests.
Biden, who wore a mask when he first entered the room after first lady Jill Bidentested positive for COVID, called it a "historic moment" and criticized Republicans for voting in unison against it.
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"For a while, people doubted whether any of it would happen," he explained to Senate Majority Leader Charles Schumer, who assisted in forging the final deal with Manchin.
Schumer himself called it the 'most important thing Congress had done "in a long time." He hailed "one of the most productive stretches in Senate history" and oddly told the president: "We wouldn't be here without you."
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After he signed it, Biden presented the pen he used to ink the Inflation Reduction Act – a name Manchin announced he coined – to the West Virginian who kept Washington in suspense for 18 months.
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"It was a nice gesture," Manchin told reporters afterward.
Manchin applauded Biden and bashed Republicans for not voting for a package he announced: "puts confidence in the market." He further credited the president's choice to stand back after the initial deal blew up, infuriating Manchin's fellow Democrats.
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As a former senator, Biden knows that "sometimes you've got just to let us do what we gotta do," Manchin explained to reporters.
Manchin further bristled when pressed on estimates the bill would not bring down inflation in the near term. "Well, immediately, it's not. We never said anything would happen immediately – like today, turn the switch on," he stated.
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Biden made clear he plans to use the new measure as a cudgel against Republicans.
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"In this historic moment, Democrats sided with the American people, and every Republican in the Congress sided with the special interests," he announced. "Every single one."
"Every single Republican in Congress voted against lowering prescription drug prices. Against lowering health care costs. Against a fairer tax system. Every single Republican – every single one – voted against tackling the climate crisis."
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