What's in big Biden bill? Health, climate goals become law

House Speaker Nancy Pelosi of Calif., finishes the vote to approve the Inflation Reduction Act in the House chamber at the Capitol in Washington, Friday, Aug. 12, 2022. (AP Photo/Patrick Semansky)

WASHINGTON (AP) - President Joe Biden arrived at the White House promising to "build back" America, and legislation he's signing Tuesday delivers a slimmer, though not insignificant, version of that once sweeping idea.

Approved by the divided Congress, the bill brings the biggest investment ever in the U.S. to fight climate change. Also in the legislation is a $2,000 cap on out-of-pocket prescription drug costs for Medicare recipients as well as a new 15% corporate minimum tax to ensure big businesses pay their share.

And billions will be left over to pay down federal deficits.

All told, the Democrats' "Inflation Reduction Act" may not do much to immediately tame inflationary price hikes. But the package, an election year turnaround after loftier versions collapsed, will touch countless American lives and secure longtime party goals.