WASHINGTON — President Biden signed into law a landmark tax, health and energy bill on Tuesday that takes significant steps toward fulfilling his goal to modernize the American economy and reduce its dependence on fossil fuels.
The vast legislation will lower prescription drug costs for seniors on Medicare, extend federal subsidies for health insurance and reduce the federal deficit. It will also help electric utilities switch to lower-emission sources of energy and encourage Americans to buy electric vehicles through tax credits.
What it does not do, however, is provide workers with many of the other sweeping economic changes that Mr. Biden pledged would help Americans earn more and enjoy the comforts of a middle-class life.
Mr. Biden signed the bill, which Democrats call the Inflation Reduction Act, in the State Dining Room at the White House. He and his allies cast the success of the legislation as little short of a miracle, given…
