At the White House on Thursday, President Biden lauded a deal reached by Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer on a bill known as the Inflation Reduction Act of 2022, which aims to address climate change, lower prescription drug prices and impose a minimum tax on corporations.
JOE BIDEN: Yesterday, I spoke with both Senator Schumer and Manchin, and offered my support for a historic agreement to fight inflation and lower costs for American families. It's called the Inflation Reduction Act of 2022. Some of you will see a lot of similarities between the beginning of the Build Back Better initiative. It's not all of it, but we've moved a long way.
I'll be going into detail in a minute. But simply put, the bill will lower healthcare costs for millions of Americans. It will be-- and it will be the most important investment-- not hyperbole, the most important investment we've ever made in our energy security and developing cost savings and job creating clean energy solutions for the future. It's a big deal.
Also, for the first time in a long time, we began to restore fairness to the tax code-- began to restore fairness by making the largest corporate nations-- the large corporations in America pay their fair share with any-- without any new taxes on people making under $400,000 a year.
Experts, even some experts who have criticized my administration in the past, agree that this bill-- this bill will reduce inflationary pressures on the economy. This bill will, in fact, reduce inflationary pressure on the economy. It's a bill that cost-- will cut your cost of living and reduce inflation for, and it lowers the deficit. It strengthens our economy for-- in the long run as well.