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 if 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, began to restore fairness to the tax code-- begin to restore fairness, by making the largest corporate nations-- largest 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.