Washington | US President Joe Biden on Tuesday (Wednesday AEST) signed a long-awaited bill meant to reduce health costs, reduce greenhouse gas emissions and raise taxes on corporations and wealthy investors, capping more than a year of on-again, off-again negotiations and cementing his early economic legacy.

“This bill is the biggest step forward on climate ever,” Mr Biden said, after drawing a standing ovation from a White House crowd filled largely with aides and allies.