U.S. President Joe Biden signed his climate and health megaplan into law, giving Democrats renewed momentum ahead of a midterm election in which prospects for a landslide Republican victory suddenly dwindled.

The text, dubbed the “Inflation Reduction Act,” was described by the White House as the largest commitment to limit climate change in the history of the United States of America, noting that it leads to welcome changes in drug pricing and makes the system more equitable. A new minimum tax of 15% is levied on every company whose profits exceed $1 billion.

Biden stressed in his speech that “the country can undergo a transformation. This is what is happening now,” explaining that “it is about tomorrow. It’s about making progress and prosperity for American families, it’s about showing the United States and the American people that democracy still works in the United States.”

The law provides $370 billion for the environment and $64 billion for health care and, for the first time, will allow Medicare to negotiate prices for certain drugs directly with laboratories to obtain more competitive prices.