WASHINGTON. The historic climate, health care and taxation legislation was signed into law by US President Joe Biden, saying his administration is in a “period of meaningful action” following delays in moving the legislation forward.

“With this law, the American people have gained and lost interests,” Biden said during the signing ceremony at the White House. The President has left his vacation in North Carolina – and Covid-19-stricken First Lady Jill is behind to head to the capital to sign legislation.

The ambitious legislative package includes investments of $300 billion in environmental initiatives and research and development of alternative energy sources. The text also calls for a sharp reduction in the price of prescription drugs and a new corporate tax rate that will increase government spending and reduce the federal government’s deficit, an important weapon to curb inflation, according to the Democratic Economic Group.

A $300 billion investment for the environment – this also provides for price cuts on dispensing drugs.

Congress has already passed bills on infrastructure, gun ownership commitments, the semiconductor industry, and post-pandemic business support. However, the climate, health care and tax bill is the most important and is the crowning achievement of the Democrats’ efforts to work constructively with the opposition in the two houses of the legislature. “It was one of the most productive periods in the history of the Senate,” said Senate President Chuck Schumer.

The turnaround by Republicans, who until last month stubbornly refused to pass the bill, has given Democrats new life ahead of tough House and Senate re-elections in the fall. Seeking to capitalize on the bill’s signing, senior White House officials announced earlier this week that President Biden is planning a nationwide tour leading up to the November reelection.