president biden: yesterday i spoke with both senator schumer and manchin and offered my support for historic agreement to fight inflation and lower costs for american families. it will be the most important investment, not hyperbole, the most important investment we've ever made in our energy security and developing cost-saving and job-creating clean energy solutions for the future. it's a big deal. also for first time if a long time, begin to restore fairness to the tax code. by making the largest corporate nations -- largest corporations in america pay their fair share, 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 will cut your cost of living and reduce inflation, lowers the deficit. it strengthens our economy for -- in the long run as well. this bill has support of climate leaders like former vice president al gore who said the bill is long overdue in making sure the united states takes decisive action on the climate crisis that helps our economy and provides leadership for the worldwide example. inflation hawks like former secretary treasury larry somers said, quote this bill is fighting inflation. this bill is fighting inflation. progressive leaders like senator

elizabeth warren said, quote, this is a bill that truly is about fighting inflation, bringing down the costs 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 prescription drug prices, which means seniors and consumers will pay less for their prescription drugs. medicare will save in the process about $290 billion. and in addition it also changes the circumstances for people on medicare, by putting a cap of a maximum $2,000 a year, they have to pay no more than $2,000 a year, no matter how many prescriptions they have. for all the prescription drugs. which is especially important for people with cancer and long-term diseases. it's a god send.

it will be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. they will need an annual savings of $800 a year for 13 million people. third, it invests $369 billion, granted i called for $500 billion-plus, but it invests $369 billion to secure our energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars, by providing working families tax credits. it gives folks rebates to buy new and efficient appliances, to weatherize their homes and tax credits for heat pumps and rooftop solar. it also gives consumers a tax credit to buy any electric vehicle or fuel cell vehicle, new or used.

and a tax credit for up to $7,500 if those vehicles were made in america. this investment in environmental justice is real. it also provides tax credits that will create thousands of good paying jobs, manufacturing jobs, on clean energy construction projects, solar projects, wind projects, clean hydrogen projects, carbon capture projects, and more, by giving tax credits for those who build these projects here in america. let me be clear. this bill would be the most significant legislation in history to tackle the climate crisis. and improve our energy security right away. give us a tool meet the climate goals that we've agreed to by cutting emissions and accelerating clean energy, a huge step forward. fourth, this bill requires the largest corporations to begin to pay toward their fair share on

taxes. by putting in place a $15% -- a 15% corporate minimum tax. i know you've never heard me say this before, it will come as a shock to you, but 55 of the fortune 500 companies pay no federal income tax in 2020. heu only heard me say that about 10,000 times. but the fact is they paid no taxes on an income, collective income, over $40 billion. well, guess what, this bill ends that. they're going to have to pay a minimum of 15% tax. on that $40 billion or whatever the number turns out to be. fifth, this package will reduce the federal deficit by over 3*dz00 billion -- $300 billion. already on my watch deficits come down my first year by $350 billion, and a record $1.7 trillion at the end of this fiscal year. now, that -- this bill is going to keep that progress going. yes, i'll say it again. this legislation will bring down

the deficit, bring down the deficit. the sixth point i want to make is this bill will not raise taxes on anyone making less than $400,000 a year. i promise, a promise i made during the campaign and one that i've kept. look, i know it can be sometimes seem like nothing gets done in washington. i know it never crossed any of your minds but the work of the government can be slow and frustrating and sometimes even infuriating. then the hard work of hours and days and months from people who refuse to give up pays off. history is made. lives are changed. with this legislation, we're facing up to some of our biggest problems and we're taking a giant step forward as a nation. that didn't just happen on this inflation reduction bill. it also happened yesterday when the senate made the bipartisan

decision as a nation to invest in america's manufacturing technology of semiconductors. an additional funding for basic research and development, and the cutting edge industries of the 21st century. if the house passes this bill, i want to thank the speaker pelosi, i think she's going to get it done, her leadership here, it has added to the benefit, it has the added benefit of creating tens of thousands of good paying additional jobs. lowering inflation. we have the ability to not only compete with china for the future, but to lead the world and win the economic competition of the 21st century. you've heard me say a thousand times, we have to invest in research, development and growth. i hope that the house is going to pass this bill today. my plea is, put politics aside. get it done. we need to lower the cost of automobiles, appliances, smartphones, consumer electronics and so much more.

and you can't do it, all of these things are powered, almost everything in our lives is powered by these semiconductors and tiny computer chips the size of a fingernail tip. look, we should pass this today and get moving. i know the compromise on the inflation bill doesn't include everything that i've been pushing for since i got to office. for example, i'm going to keep fighting in the future to bring down the cost of things for working families and middle class families that matter. by providing for affordable and accessible things like affordable child care, affordable elder care, the cost of preschool, housing, keeping students -- helping students with the cost of college, closing the health care coverage gap. it's a fancy way of saying the health care coverage gap, expanding medicaid in states that refuse to do it and more. look, this bill is far from perfect. it's a compromise. but it's often how progress is

made. by compromises. and the fact is that my message to congress is this. this is the strongest bill you can pass to lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis and promote energy security. all the time while reducing the burdens facing working class and middle class families. so pass it. pass it for the american people. pass it for america. i'll have more to say on this later. i want to thank leader schumer and manchin, joe manchin, senator manchin, for the extraordinary effort that it took to reach this result. thank you. and let me speak to one other issue. let me speak to one other issue. the g.d.p. and whether or not we are in a recession. both chairman powell and many of

the significant banking personnel and economists say we're not in a recession. but let me just give you what the facts are. in terms of the state of the economy. number one, we have a record job market, record unemployment of 3.6% today. we've created nine million new jobs so far, just since i became president. businesses are investing in america at record rates, at record rates. foreign business are investing in america, hundreds of millions and trillions of dollars, sum total. $100 billion in semiconductor investments already announced by intel, samsung and texas instruments. more than $100 billion in electric vehicle battery investments by ford, general motors,-day, tesla and more. and just last week, s.k. corporation of the republican of

korea announced $22 billion in new investments in semiconductor batteries, chargers and medical devices, creating another 16,000 jobs here in america. and this is following the strongest rebound in american manufacturing in over three decades, creating 613,000 manufacturing jobs. passing the chips bill was going to put another $72 billion for incentives and tax credits to expand semiconductor production. and the inflation reduction act will add another $370 billion in clean energy tax credits in reconciliation. included to accelerate domestic production of solar panel, wind turbine, batteries and critical materials processing. that doesn't sound like a recession to me. thank you very much.

[captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2022] timy

consume. i stand before you today to strongly urge support for the chips and science act. the chips act, and the bipartisan science, space and technology committee provisions that form this package are vital to ensuring a bold and prosperous future for american science and innovation. maintaining our international competitiveness and