Administration of Joseph R. Biden, Jr., 2022

July 27, 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 todayâhigh health care costs and overall inflationâas 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.

Categories: Statements by the President : Legislation to combat inflation, promote clean energy production, and reduce prescription drug costs.

Names: Manchin, Joseph A., III; Schumer, Charles E.

Subjects: Budget, Federal : Deficit and national debt; Congress : Senate :: Majority leader; Economy, national : Inflation; Employment and unemployment : Job creation and growth; Energy

: Alternative and renewable sources and technologies :: U.S. production; Energy : Domestic production, promotion efforts; Environment : Climate change; Health and medical care : Affordability and costs; Health and medical care : Medicare and Medicaid; Health and medical care : Prescription drugs, affordability and costs; Taxation : Corporate tax rates; Taxation : Tax relief.

DCPD Number: DCPD202200662.

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