President Biden extends support to Inflation Reduction Act of 2022


President Biden. Pic: White House



President Joe Biden recently spoke to Democratic Senators Chuck Schumer and Joe Manchin and offered support for the agreement they have reached on a bill to fight inflation and lower costs for American families. “This bill will reduce the deficit beyond the record setting $1.7 trillion in deficit reduction we have already achieved this year, which will help fight inflation as well,” Biden said.

“With this agreement, we have a chance to make prescription drugs cheaper by allowing Medicare to negotiate lower prices and we can lower health insurance costs for 13 million Americans, by an average of $800 a year, for families covered under the Affordable Care Act,” Biden said in a statement. 

President Joe Biden recently spoke to Senators Chuck Schumer and Joe Manchin and offered support for the agreement on a bill to fight inflation and lower costs for Americans. “This bill will reduce the deficit beyond the record setting $1.7 trillion in deficit reduction we have already achieved this year, which will help fight inflation as well,” Biden said.

The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 per cent by 2030.

The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act programme for three years till 2025.

The new proposal for the FY2022 Budget Reconciliation Bill will invest approximately $300 billion in deficit reduction and $369 billion in energy security and climate change programmes over the next ten years.

Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal.

“We will improve our energy security and tackle the climate crisis—by providing tax credits and investments for energy projects. This will create thousands of new jobs and help lower energy costs in the future,” Biden said.

“And we will pay for all of this by requiring big corporations to pay their fair share of taxes, with no tax increases at all for families making under $400,000 a year,” he added.

Biden urged the Senate to move on the bill as soon as possible.

Fibre2Fashion News Desk (DS)





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