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.

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,” Mr. 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.

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