Statement from President Biden on Inflation Reduction Act of 2022
This afternoon, I spoke with Senators Schumer and Manchin and offered my support for the agreement they have reached on a bill to fight inflation and lower costs for American families.
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.
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.
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.
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.
This is the action the American people have been waiting for. This addresses the problems of today – high health care costs and overall inflation – as well as investments in our energy security for the future.
I will have more to say on this later. For now, I want to thank Senator Schumer and Senator Manchin for the extraordinary effort that it took to reach this result.
If enacted, this legislation will be historic, and I urge the Senate to move on this bill as soon as possible, and for the House to follow as well.