today, thousands of supporters from across the country gathered at the White House as President Biden celebrated the Inflation Reduction Act, a sweeping new law aimed at lowering prescription drug costs, addressing global warming, raising taxes on some corporations billions of dollars and reduce the federal rate. deficit. “This bill cuts costs for families,” Biden said as he and fellow Democrats scramble to promote the bill ahead of November’s midterm elections, citing it as evidence that their party can get things done in Washington.