♪ ♪ ♪ ♪ hello and welcome to "inside politics." i'm john king in washington. thank you for sharing a very, very busy news day with us. the u.s. economy shrunk again. another bad number stirs more talk about the "r" word, meaning recession. plus a breakthrough on the biden agenda. a big breakthrough this hour. the president of the united states speaks live from the white house this after joe manchin gives a thumbs up for a deal that includes big money,

healthcare, prescription drugs and more. >> we need to show democrats across this country that the democratic party can actually get stuff done when we have 50 democrats in the senate, and i think that's where we are right now. so i'm all about forward looking, brianna and hello, joe manchin. happy to have you. >> a new effort to form a viable third party, names from the right, left and center say they will succeed where others failed. soon we'll hear from the president of the united states live at the white house. he'll tout big progress on his agenda, a senate agreement that includes new climate and new health care investments. a package, the president will say in a way that will also take a big bite out of inflation. it is a smaller, but still significant piece of the giant goals the president and has party had back in the beginning of his term. the white house event is a presidential push to get this new senate deal to the finish line and, make no mistake, it is a presidential effort to balance out some undeniably bad and

economic political news. just this morning a new and dower number for the american economy, that number with fears looming that a recession is looming and already underway. a .9% decline. inventories fell, investment fell, construction fell, real estate spending fell. spending on cars, furniture, appliances, all down. the economists will now debate whether we are in a recession or very close to recession. the republicans aren't waiting for a clear verdict. biden recession is already in their speeches and soon to be in their midterm campaign ads. to politics in a moment, the facts and the context first. let's get straight to cnn's matt egan. matt, what does this report tell us? >> john, the great american comeback from covid is losing steam big time. gdp is the broadest measure of the economy asknd it contracted for the second quarter in a row. consumer spending slowed down. the housing market stumbled and government spending declined and the big one, we're dealing with

an inventory glut. retailers like walmart and target stocked up and now we're dealing with a hangover and every single time since 1948 that you've had two consecutive quarters of negative growth you've had a recession and it would be premature to say that was the case this time for a few reasons. one, gdp gets revised twice more, and it wouldn't take that much of a revision for it to actually go positive. two, the decline in the gdp during the third quarter was somewhat of an anomaly and there were factors a lot worse than may have actually been and the other is that recessions are declared by the national bureau of economic research and their definition is not just two straight quarters of negative growth. they have a broader definition and they're looking for widespread economic weakness including layoffs and that has not happened, at least not yet. some of this is semantics and americans do not like this economy and the cost of living is too high. wages are shrinking and adjusted

for inflation and the truth is we don't know when inflation is going to get better. >> we just don't know and that's the big one for the american people and matt egan, thank you for starting the program with that important news and let's get perspective from the cnn economics commentator, katherine. there's an agency that decides whether we're technically in a recession or not in the political debate, the republicans have already quickly said yes, we are and it's the biden recession. larry summers, the former treasury secretary has disagreed with joe biden on inflation on whether we are in a recession today at this moment. listen, he agrees with the president. >> you don't have an economy that is currently in recession that's creating 350,000 jobs a month. you don't have an economy that's currently in recession where you have the kind of consumer spending figures that we've been seeing. >> that's a debate. are we in recession, just close to recession, headed to

recession? it's a very important debate among economists. does it matter at all to the american people? >> i think it matters in so far as whether republicans can use that stigmatized brand in a recession in political ads, but no. what matters are the feelings of the american public, of voters and right now they're really unhappy if you look at polling data, people are frustrated with infl inflation. they are pessimistic about the next few months for the economic outlook. so yeah, i mean, we can have this debate about whether we are officially in the r word, but at the end of the day, what matters is how unhappy voters are with the current state of the economy and economic leadership. >> i agree. one of the reasons i value your

input is because you speak american. the economists can debate the technical terms. that's important. i don't mean to diminish that. but the average american wants to know from this report, from the fed raising interest rates, where are we going? how long is the tunnel? when do i see the sun again in the context of eggs are up 33%, coffee is up 16%, the cost of rent is up 6%. so out until the real world, kaib cohen trying to understand how do americans feel. do they feel better, worse, treading water, take a listen. >> notice gas has gone down but groceries have not gone down. so i'm pretty concerned. we're having to cut back a lot just to get by. >> why haven't you bought a new car? >> i can't afford it. plain and simple. prices are too high. when is this going to come back to earth? >> it's a magic ball moment in the sense. if you look at what the fed did yesterday, would you think the right thing to do, but a

necessary pill, in your view. you look at this report today and the economy has slowed from the big bomb we had in the covid comeback. where are we? how long is the tunnel? do we know? >> i wish i knew. the problem is that the fed is between a rock and a hard place. on the one hand, we have elevated inflation, which nobody likes. they don't want that to continue. on the other hand, the medicine that the fed coulded a manipulate ster to kill inflation might potential ly kil the economy as well. and so they are trying to walk very senator sennarrow path whe they raise rates enough that they slow down the economy. they dampen demand, to use the term, but they don't tip us into recession. and obviously, the very worst outcome would be one where we have a recession where unemployment goes up quite a bit and inflation stays high. it seems unlikely that's going to happen. more likely they are going to be stuck between those two choices

of do they raise rates a little faster and have a recession and effectively get inflation down, or are we stuck with these high prices. neither of which will be comfortable for consumers and voters. >> three months from tuesday, the midterm elections. thank you. let's bring the conversation in the room now. with me to share their reporting, kasie hunt, mj lee and lopez. i note the eed at top we're gog to hear from the president in a minute. wooes he's going to talk about the new agreement. we'll get into the details later in the program. but he's coming out because he knows it was bad news this morning. he has a reason to celebrate potential good news. to the question now i was watching another network this morning. quickly moved to banners that said welcome to the biden recession. this plays for republicans and the president's critics. the president the other day said no. >> we're not in a recession. my hope is we go from this rapid

growth to a steady growth. and so we'll see some coming down. but i don't think we're going to god willing, i don't think we're going to see a recession. >> how do they view this at the white house? do they want to get in that debate? are we in a recession, close to are recession or try to look above it and talk to the american people about gas prices are down. there's progress there. and the other stuff is coming when? >> they have been in this debate. this gdp report that came out this morning is one of the major reasons that the white house has been pushing back preemptively for days now saying a that we believe we are not in a recession. when one of the president's top economic advisers came out to the briefing room earlier this week, he was standing in front of a graph that staid job growth over past three months not consistent with recession. there's no subtlety there. they really have wanted to push back on the idea that the susquehanna in a recession, but i think the conversation you had with katherine is an important one. the other task for the white

house has been make ing sure th they show sensitivity to the fact that there's a technical testify in addition, yes economists say we're not there yet, but the reality for a lot of people and the majority of americans feel like we are in a recession right now. >> if you get trapped in the washington or the markets conversation, people say what about me. that's not relevant to my life. household spending is up $500 a month. your grocery bill is up $78 a month. so for a family dealing with that, can i have a summer vacation, can i pay for gas, can get to work, are we in a recession, will we be in a recession, that's a waste of their time. >> and the issue is that the white house has been very much in the nitty-gritty details of yes or no, it's not a recession. another thing they said leading up to this was the fact that

just two quarters of a drop in gdp growth doesn't mean a recession. they kept repeating that line over and over and over again. but the issue is that the white house is still trying to show in what limited capacity the president has that they are trying to address this. but the issue is that the president has so many limited tools at his disposal they announced another release from the petroleum reserve even as gas prices are starting to vary. but i know we're going to talk about it later, but the president being able to get much more of his agenda passed is going to be key to their whole argument. >> that maybe things are about to get better. the american people want to know when will eggs cost less. thank you for the gas improvements, but will it keep going down or spike back up again? the president can't ignore the reare session argument entirely because otherwise republicans will win by saying this is a recession by any other name.

we're three months from the midterm election. as said this morning, the banner is on fox changed like that. so he has to enter the debate. you have to find the sweet spot and not make people a at home think what about me. >> the conversation about whether we're in a recession or not, that's a can conversation that's aimed at us. it's aimed at the people sitting at this table, the editorial board, them being able to say to republicans who air ads this is boiden's fault. there's an important component about who voters blame for what's going on in a midterm election. they are trying to avoid the blame. but at the end of the day, this is not -- you really risk talking past people when you say this kind of stuff. when they are looking a at wills, they know how they feel. they know how hard things are. they are going to think the white house is in a bind. >> your average cost up $496 a month in a household.

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ensure max protein, with 30 grams of protein, 1 gram of sugar enter powered by protein challenge for a chance to win big! we're waiting for the president to offer his take on a surprise senate deal that gives life to new pieces of the biden agenda. it includes spending on climate investments and provisions to cut prescription drug costs. it's a product of negotiations that most here in washington thought were dead. those negotiations between joe manchin of west virginia and the majority leader chuck schumer of new york. >> it was me and my staff. then we worked with schumer's staff. my staff was driving it. we wrote the bill. schumer's staff would look at it and negotiate. we worked out through them. >> so president biden was not involved? >> president biden was not involved.

>> president biden not involve ed in the negotiations. but happy to scelebrate the end product, if you can get it to the finish line. i want to show you a little bit. slashed greenhouse gas emissions by 2030 is a goal. $30 billion for wind, solar and battery storage. that's the climate stuff. those are things the democrats wanted to do from the beginning. they failed. they failed again. now this is back to life. are we done? are we going to get to the finish line? >> we can't say it's done until it's voted opt and sent to the president's desk because we now how things work here in washington, but this is potentially a big win for biden because this is something he wanted a all along. and just fall when things imploded with senatorm manchin, the white house has taken a big step back in terms of their day-to-day involvement. they would not talk about the

conversations they were having and all my sources on the hill said they weren't involved in the conversations because they didn't want to upset manchin or the other senators, so they left this to schumer and manchin and others to get manchin on board with some of these provisions. i was talking to a senator today who said the climate change provisions are huge and they are excited about them. this also comes after the supreme court just gutted the clean a air a act so they are hoping that this finally make it is across the finish line. it doesn't totally reach the 50% emissions reduction goal that president biden wanted, but they also don't want biden to pursue executive a actions. they are holding to hold off to if this passes before he tries to fwclose that gap. >> if you take a look at where we are now compared to where we were. we have affordable health care subsidies, expanding obamacare, keeping the subsidies for several more years.

prescription drug negotiations, very popular. a giant climate change package a after another couple week where is we watched the planet on fire. so a house progressive says not everything we wanted, be but thank you. >> i still think that had we done this back in december, had we done the entirety of the president's agenda, we would be in better shape. but am i happy that joe manchin is at the table right now, absolutely. welcome in, joe manchin. delighted to work with you to get this done. >> one of the things you see in the reporting is biden hasn't spoken to joe manchin in months, which is odd since he's is so critical to getting anything done. but the president will celebrate today. the question is does he have the elbow grease now? >> for right now, it looks like it's shaping up to be a pretty good week for president biden. he comes out of covid isolation and says he's feeling great.

the chips bill that passed through the senate. democrats are feeling good about that. and then this surprise deal that, as you said, a lot of people in washington thought these negotiations were over. i think it's really interesting that this lack offen gaugement from the white house and directly from the president is such a stark contrast from how build back better initially started. there were meetings with lawmakers coming to the white house. there were direct phone calls that the president was making, but for this latest round, this was one where the president essentially sat it out. it really speaks volumes to the fact that the previous processes were really, really frougt. they really just didn't work. >> and we're three months from an election. so joe biden wants something. the republican reaction is no. but let's look at this more loezically. a lot of this is more popular with the american people. can the amedemocrats fats and s it. $370 billion for climate. allowing medicare to negotiate

prices. extend the o'subsidies. you pay for a lot of these with a corporate minimum tax. the republican leader says terrible. >> this is the nonsense that democrats are focused on. thot help ing you put gas in yor car, not helping you afford your groceries, they want to use the middle class economic crisis they themselves created as an excuse to raise your taxes and ram through their green new deal nonsense. >> republicans obviously hope the current inflation problem they can use the argument this is more spending. it's going to make it worse. but not the initial elections, but since the initial elections, they have proven popular. where is the republican olympian on climate? is just saying no enough for the republicans? >> i honestly don't think so. the climate stuff, it's interesting. mcconnell is not actually in that clip that you just showed, he's not saying that some of

these provisions are bad provisions. mcconnell has shifted the way he talks about climate change in recent years to start to act nolk, yes, this is a problem. we have to do something about it. i think that one of the keys here is it would have been better to do it last year. maybe a couple months before the midterm election doing something significant on climate is better for democrats because one of their biggest problems is the fact that the democratic base is not excited to dwet out there and vote for democrats. i have been talking to progressives in particular all morning. and i think they are very pleasantly surprised and excited. i think they think that might help the ballot box. >> you had people scream ing fo the president to take emergency action on the climate. now you get significant provisions. we'll see what the president says in a few minutes. then we'll see can the democrats get the votes. they are saying i need to read

it. they need to get 50 in the senate. we'll see. up next, president biden, the chinese president wrap up phone calls amid rising tensions, including over taiwan. ic nutriet formula can help rededuce the rk of dry amd progression. ask your doctor now about an areds 2 supplement.

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conversation with his chinese counterpart. it was their fiftd call since biden took office, but the first in four months. the read out of the call says the pair discussed issues of neutral concern. that is when diplomatic language on purpose. the call comes as the relationship between the two countries continues to deteriorate. among the chief concerns for the chinese another the moment, speaker pelosi's plans to make a trip, though it's been not confirmed, to taiwan. china views taiwan as a break away province. china says it's still part of the territory. our reporters are back with us. this is the russia/ukraine war has taken a lot of attention. but the chinese relationship is the most in the world. this conversation coming not only in giant economic moments, giant moments of the united states would love the chinese to criticize russia, it will not. but the pelosi trip, the chinese take that as a poke in the eye. it's at least as of now on the

books. >> i think any conversation between the u.s. president and chinese president would have been complicated and complex, but i think you're right. the reports of how speaker pelosi traveling to taiwan, that has really complicated things even further. it's tricky particularly for the white house. we have since zensed that raiding between the lines. they can't really say an official comment on the trup that isn't officially confirmed. they also don't want to say we condemn the idea of going on this trip. we would not like for her to go. i think the closest that we got to that was the president himself saying the a advice i'm getting from the military is it's probably not a good idea. >> i'm looking at the chinese read out. pelosi doesn't show up or planned trip doesn't show up, but it does say that president xi emphasized the principle on the taiwan issue and says here we if you rememberly oppose

independence, separatism and interference by external forces. >> that's what that means. pelosi is an external force, in their view. the politics of what pelosi is doing are very, very interesting. both internally and also domestically here. there's been republican who is have said they have been invited on this trip with nancy pelosi. obviously, republicans have in campaign settings talked about the threat that china poses. the massive chips legislation that was just passed in the senate also very focused on competing with china. in some ways, it puts president biden this a real box. if he is concerned, as the military has said, that this is going to cause a potential crisis, it's hard for him to step out there and say don't go. but that said, it's alsos interesting she's making his life harder this way. >> if you look at smart

analysts, they say xi is happy to have this troers in the sense he has a controversial covid lockdown at home. this gives him av plan. be be there are other huge issues. there are still tariffs on the books. president biden has been debating wihether to lift or eae those. military activity in the south china sea and elsewhere in the world, so the pelosi trip has become the headlines, but this is an incredibly complex and hard relationship. >> and the national security spokesperson was saying there are so many things to talk to the k chinese president about, whether or not biden is going to lift tariffs. also the ukraine war and russia. we know that china has not condemned the war this ukraine or condemned russia's actions. it appears a as though they not be headed there after this fifth call between the president

china. >> we'll see if it we get more. the initial read out is pretty predictable. sometimes it takes a day or two. we'll see what the white house has to say. up next for us, a shift to the january 6th investigations including team trump cooperates. new details on a white house aid helping the justice department investigation and new details on several trump cabinet members now talking to the january 6 committee. a vrbo vacation home. you always have the whole place to yourself. no stranger at the dinnener table making things awkward. or in another room taking up space. it's just you and your people. because why would you ever share your vacation home with someone you wouldn't share your vacation with. ♪ ♪ ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere.

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panel has interviewed the former secretary today. the committee interviews the trump chief of staff. sources tell ing us the committe is currently negotiating terms for a deposition with john radcliffe and it is negotiating in hopes of winning the cooperation of mike pompeo. today pompeo made sure on fox to take a swipe at the committee. >> do you believe it's fair and transparent? >> it's been totally unfair. >> our grate reporters are back at the table. it's been fascinating to watch this even as the chief of staff was on our air with kate baldwin criticizing the committee, even though he gave an important deposition to the committee. in public there are republicans they want to run for president. they think i have to trash it,

but maybe i'll go talk to it. >> because his own hide might be on the line. there are things we don't necessarily know. and this is very interesting to hear the members of the committee talk about the dam breaking. you probably have found this too. reporting can work the same way. you get to know more about what's going on and other people involved want to make sure their side of the story is at least heard, which the fact that it could actually reach as for as mike pompeo is telling to me. >> one of the best editors i had said you're waiting to get more, publish the little you got. more will come in. publish what you got and more will come in. this is our cnn reporting on pompeo. the potential appearance comes as the committee has an increased interest. a source to the committee says they are interested in conversations surround ing the 25th amendment after the events of january 6th. we saw that from secretary

scalia, who the committee has released some of his testimony that after january 6th, a number of trump loyalist, the people who stuck with donald trump to the end were thinking even though there's only a couple weeks left, we should remove him. >> and even kevin mccarthy brought that up with other republicans. this was something that was clearly whether it was within republican lawmakers but within the cabinet was a real discussion being had because of the fact that time and time again, the president was sticking with his attempt to get his vice president to go along with it, even when his vice president was resisting it all the way up until the very end. so it will be interesting to see how many details they have gotten, but the more interesting thing to me is how many of these people are cooperating with the justice department probe, which we're hearing more and more that people that the committee is speaking to are also talking to.

>> it has been remarkable in the sense that we thought the committee would be shutting down by now. at least the public hearing part. but they say about reporting that if you make progress, the snowball starts going down the hill and you get more progress. so now they have the trump cabinet. it's clear from election day, what caused january 6th, but also the internal conversations among team trump not just about the violence that day, but the temperament of the president of the united states at that moment. >> that's right. i think the january 6th committee members have alluded to this too. that as they have interviewed certain people, other people have either approached them. other people that it is clearly important for them to interview have surfaced. and so the idea that we had a couple weeks ago that this might be the end of the public hearings. one point i wanted to make an observation from the white

house's perspective is that we saw earlier this week president biden really weighing this on the january 6th committee's work. >> it could be a turning point from the folks that i i have talked to because it's always a question will the president stick with this new messaging. fz is that -- he probably will. between former president trump, the strongest and most consistent messaging they can have is that the other side is unacceptable. >> and when you hear pompeo call it a monkey court, it's important to criticize how the

committee came about. but the testimony has been dozens and dozens of people who worked for donald trump. so these are your colleagues in the administration saying the president knew it was illegal. >> everybody knew. it's not even trump loyalists. there was a lot of people who left the white house. these were the most loyal, the most astonished supporters. look what happened. they said you can't do this anymore. that's the argument that's being put to the american people. and i will say you mentioned the providence of the committee. republicans are kind of having some doubts about how to handle that. they think maybe we should have been a little part involved. i don't think we should let republicans off the hook. they had an opportunity to be nonpartisan, bipartisan, outside

the congress and they said nope. that was a political decision. >> they blew that up. we have what we have today and the committee has done a good job of dig up valuable information. when we come back, moments away from the president of the united states at the white house and a what he hopes is a huge deal in reviving big partings of his agenda. it's beautiful out here. it sure is. and i earn 5% cash back on travel purchased through chase with chase freedom unlimited. that means that i earn 5% on our rental car, i earn 5% on our cabin. i mean, c'mon! hello cashback! hello, kevin hart! i'm scared. in a good way. i'm lying. let's get inside. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.

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a live picture of the white house. the president of the united states any moment will celebrate a senate deal between joe manchin and chuck schumer to revive key pieces of the biden agenda, including segments of climate. we'll take you there live when it happens. in the meantime, a new third party effort here in the united states by democrats, republicans, fed up with the washington where nothing gets done. and they argue extremes dominate both political parties. this vet rattle group from both sides now planning to launch and create a new party. in a "washington post" opinion piece, they write most third parties have failed. here's why ours won't. listen. >> the fact is the majority of americans actually agree on

really even des vicive issues. the most divisive issues of the day like abortion or firearms. there's a common sense coalition position on these issues and just about every other issue under the sun. >> our reporters are back with us. we may have to draw up the conversation for the president. andrew yang is right. there's a consensus on most issues to get some things done. however, i remember covering the campaign in 1992. i thought after that we would have an independent or middle or third party in the united states of america. the reform party had candidates for a couple years. won some elections in states, including new york. then it fizzled. it takes a a huge financial and personal commitment to make it happen. >> you're dating me. i will cop to not having covered that campaign in my early youth. but i will say that in the years i have since then covered politics, it does seem like this moment is perhaps if there was ever a moment for something like this, we have so many americans

and this is one of the things i think is -- i try not to talk about this all the time, but i'm obsessed with it. that there are so many people in that sort of middle. people who are going about their daily lives who are fed up with the tone and tenor of politics. they don't want anything to do with it. and that is leading to situations where the most extremen candidates, especiallien of the right, maga candidates willing to go along with donald trump's election lie are a able to win primaries and gain more power than they should compared to where the center of gravity is in the country. that's a problem. and it's a huge challenge to create party infrastructure from the ground up and i'm going to be skeptical of this until prooumpb otherwise. there's something there. sdplt mood is there. this is from our latest cnn poll. the candidates in your area, do they have the right priorities. democratic candidates, no. republican candidates, no.

65%. the american people are just mad at the dysfunction in our politics. there's no question that the appetite is there or the opening is there. but you mentioned primaries. the forward party, here's part of their platform. top ranked voting create independent redistricting commission. some of those things might be great for america. we should have a debate, but to have that happen, the democrats and republicans that control the states would have to disarm. unilaterally disarm, which is why it doesn't. it's the only things the party agrees on. >> to your point about there being an appetite for something like this and they are just being this kind of mood and the desire to see something like this, maybe it shouldn't be so shocking that there's an andrew yang out will who thinks there could be an oappetite for this. think about how many times on the show we have to have the discussion about certain previously fringe ideas becoming

increasingly mainstream. all of the conversations we have about election denying, that's just one example on the right of an idea that would have been completely unacceptable or we would have thought was completely unacceptable not that long ago. now being engaged in officials with some regularity. on the election, this is obviously a different kind of extreme, but there are had many democrat who is feel like is this a party that is operating for the good of the party or are we constant ly catering to the aoc wing of the party. there's real frustration there too. >> the question is, these are accomplished individuals. the question is do they have the e years of commitment it will take and the finances it will take to win a race here. then win a race there. and build momentum. it's just so hard. perot was self-funded. he put tens of millions of dollars of his own money. but then when he lost, it was about him. he did not stay. he could have built a party.

but he walked away. >> we're talking about the presidential seat. this takes years. part of the frustration is because of the 50/50 senate. they are wondering why can't an assault weapons ban pass. because it's 50/50. democrats don't have the numbers to do that. a lot of those policies mentioned is when democrats have tried pass and they can't. >> it will be fascinating to watch. those who tried before them have failed. a quick break. we're waiting to hear from the president of the united states.

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formula can help reduce the risk of dry amd progression. ask your doctor now about an areds 2 supplement. oh, that i can't believe i scored this price feeling! wayfair always delivers small prices for big dreams. ♪ wayfair you've got just what i need ♪ let's take you straight to the white house to the president of the united states. >> yesterday i met with both schumer and manchin and offered my support to fight inflation and lower costs for american families. it's called the inreduction act of 2022, assuming you'll see a lot similarities between the build back better edition. i'll be going into detail in a minute, but simply put, the bill will lower health care costs for millions of americans, and it will be the most important

investment that we have 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. by making the largest corporate nation pay their fair share without any new taxes of people making under $400,000 a year. experts, even expert who is criticized my administration in the past, agreed 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 cut your cost of living and reduce inflation for lowering the deficit. it strengthens the economy in the long run as well.

this bill has one won the support of climate leaders like al gore, who said the bill is, quote, long overdue and a necessary step to ensure the united states takes decisive action on the climate crisis that helps our economy and provides leadership for the world by example. inflation hawks like former success tear of treasury larry summers said, quote, this bill is fighting inflation. progressive leaders like senator elizabeth warren say, quote, this is a bill that truly is about fighting inflation and bringing down the cost for families and putting our country on a sounder economic footing. here's how it works. first, the bill finally delivers on a promise that washington has made for decades to the american people. we're giving medicare the power to negotiate for lower precipitation drug prices, which means seniors and consumers will pay less for their prescription drugs. medicare will save in the process about