WASHINGTON—President Biden signed into law sweeping legislation to lower prescription drug prices, boost the renewable energy sector and impose new taxes on large corporations.
The Democrat-backed package is one of Mr. Biden’s most consequential accomplishments since taking office, the latest in a string of legislative victories that the president’s aides hope will improve his standing heading into November’s midterm election. Republicans have criticized the measure, casting it as government overreach and arguing that it would do little to tamp down high inflation, despite its name, the Inflation Reduction Act.
