President Biden signed the Inflation Reduction Act into law at the White House on Tuesday, finalizing a signature piece of legislation aimed at fighting climate change, lowering health care costs and raising taxes on corporations just weeks before the midterm elections, writes CBS NEWS.

The House and Senate passed the bill along party lines last week, after Democratic Sen. Joe Manchin and Senate Majority Leader Chuck Schumer struck a deal after many months of negotiations. Both senators were on hand for Tuesday’s signing ceremony.

“Let me say from the start, with this law, the American people won and the special interests lost”, - Biden told the crowd assembled at the White House. The president had to quiet Cabinet members, members of Congress and staff in the audience at the as they continued to cheer and clap well after he took the lectern.

The new law provides USD 369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030, the most significant investment fight climate change ever. It will also limit out-of-pocket drug expenses for seniors on Medicare to USD 2,000 annually, and allow Medicare to negotiate with drugmakers on prescription prices.

The legislation sets a minimum 15% corporate tax rate for most large companies and provides USD 80 billion in funding to the IRS, allowing the agency to hire thousands of agents and revamp decades-old technological systems.