The White House plans to celebrate the political win again next month.
WASHINGTON -- President Joe Biden on Tuesday signed the Democrats' massive climate, health and tax bill into law, marking a major accomplishment for his domestic agenda less than three months before midterm elections.
Speaking from the White House's State Dining Room, Biden touted the Inflation Reduction Act as "further proof that the soul of America is vibrant, the future of America is bright and the promise of America is real and just beginning."
"The American people won and the special interests lost," he said before swiping at Republicans for their unanimous opposition to the law.
"That's the choice we face. We can protect the already powerful or show the courage to build a future where everybody has an even shot," Biden said.
"I am confident this bill will endure as one of the greatest legislative feats in decades. It'll lower costs, create millions of good paying jobs and is the boldest climate bill ever," Schumer said during the event.
A larger celebration for the law is being planned for Sept. 6.
The White House also said that, "in the coming weeks," Biden will host a Cabinet meeting focused on implementing the new law and will also travel across the U.S. to promote it.
The Biden administration has planned a cross-country rollout campaign for the legislation, which aims to make prescription drugs and health insurance cheaper; invest in clean energy and curb climate change; raise taxes on the wealthy; and cut the deficit.
Starting this week through the end of August, Cabinet members plan to travel to 23 states, on more than 35 trips, to tout the "Inflation Reduction Act," according to the White House.
The administration also plans to roll out information online and on social media about the legislation's impact, and to collaborate with members of Congress to host hundreds of events, the White House said.
The blitz will highlight will highlight other major legislative wins as well as part of a "Building a Better America Tour."
According to the White House, about 1.4 million Americans who are on Medicare who usually spending more than $2000 per year on prescription drugs will see their costs capped at that amount. Overall, it says, there are about 50 million Americans on Medicare Part D who are eligible for that cost cap.
The White House said there are about 3.3 million Americans on Medicare who use insulin, who will benefit from the new $35 monthly price cap.
The White House also estimates about 5-7 million Americans could see their prescription drug costs decrease once Medicare begins negotiating costs.
Lower Obamacare premiums will be extended for the 13 million Americans insured under that program, the White House said.
And the White House also claims greenhouse gas emissions will be reduced by a billion metric tons in 2030 thanks to the Inflation Reduction Act.
ABC News' Sarah Kolinovsky and Justin Gomez contributed to this report.