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President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters less than three months before the midterm elections. The legislation includes the most substantial federal investment in history to fight climate change — some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic. (Miller and Min Kim, 8/16)

According to the White House, Biden will in the coming weeks hold a Cabinet meeting focused on implementing the Inflation Reduction Act, as well as travel across the country to promote the ways the new law is expected to help Americans. The White House is also planning an event Sept. 6 to celebrate the bill’s enactment. (Wang, 8/16)

“This is a BFD,” Obama wrote in a tweet on Tuesday, quoting his former vice president’s tweet on the signing of the Inflation Reduction Act. Obama made the reference to a moment in 2010 when Biden was caught on a hot mic telling Obama that signing the Affordable Care Act, often referred to as ObamaCare, was a ”big f—— deal.” (Oshin, 8/16)

The changes are “significant,” especially for anyone in need of high-cost drugs, said Stacie Dusetzina, a health policy professor at Vanderbilt University Medical Center. People on Medicare are expected to benefit the most from the new law, though health experts say some of the changes could eventually find their way into the commercial insurance market. However, the changes won’t be immediate; many provisions aren’t slated to take effect for a few years. (Lovelace Jr., 8/16)

"This is going to be game-changing," said Rena Conti, an associate professor at Boston University's Questrom School of Business who studies drug pricing. While the law only addresses how Medicare, the health care program for seniors, sets drug prices, advocates of drug reform hope it will set a roadmap for other payers to lower soaring drug costs. (Ivanova, 8/16)

Even with nearly $375 billion in tax credits and other financial enticements for renewable energy in the law, the United States still isn’t doing its share to help the world stay within another few tenths of a degree of warming, a new analysis by Climate Action Tracker says. The group of scientists examines and rates each country’s climate goals and actions. It still rates American action as “insufficient” but hailed some progress. (Borenstein, 8/16)

The Inflation Reduction Act is law. But that doesn't mean major health care interests are done testing their lobbying clout. Many are already lining up for year-end relief from Medicare payment cuts, regulatory changes and inflation woes. (Knight, 8/17)