Biden spoke about inflation after a report on the US economy

WASHINGTON (NewsNation) – President Joe Biden delivered remarks Thursday on the “Inflation Reduction Act of 2022,” hours after the administration reported The economy shrank for the second straight quarterraising fears that the nation may be approaching a recession.

“This bill will reduce the pressure of inflation on the economy,” said Biden, expressing his support for the “historic” agreement against inflation that was attacked by Senate Majority Leader Chuck Schumer and Democratic Senate Joe Manchin, a Democratic leader. health care expansion and climate change package which had eluded the White House and seemed all but lost.

“The bill will lower health care costs for millions of Americans,” the president said. “And it will be the most important investment, not hyperbole, the most important investment we’ve ever made in our energy security, and in developing cost savings and clean energy solutions that create jobs for the future.”

Watch President Biden’s full press conference in the video player at the top of the page.

According to Biden it will also lower health care costs for millions of Americans who buy their own health insurance under the Affordable Care Act.

“It’s been a godsend, literally a godsend for a lot of families,” Biden said of the bill.

Biden vowed the package would not raise taxes on anyone making less than $400,000 a year. Instead, a minimum corporate tax of 15% would help fund the new costs, with the addition reducing the deficit.

He acknowledged the final product was a compromise, saying, “I know the compromise on the inflation bill doesn’t include everything I’ve pushed for since I left office,” but is confident it will win support in Congress.

“My plea is: Put politics aside. Do it,” Biden said. “We have to pass this.”

The $739 billion package, not as much as Biden envisioned, remains a potentially remarkable achievement for the party, with goals sought to address health care and the climate, while raising taxes on high-income earners and large corporations and reducing the federal debt.

Schumer told fellow Senate Democrats that they now have a chance to achieve two “very important” priorities in health care and climate change, if they stick together and approve a deal he brokered with Manchin.

The president’s address came as the Commerce Department reported a decline in gross domestic product – the broadest measure of the economy – following an annual decline of 1.6% from January to March. Consecutive quarters of GDP decline is an informal, although not definitive, indicator of recession.

The report comes at a critical time. Consumers and businesses have struggled under the weight of punishing inflation and higher borrowing costs.

Latest NewsNation / Decision Desk HQ poll found that the voters’ fear about inflation are rising, surpassing their concern about unemployment. More than 62% of voters surveyed ranked inflation at the top of their concerns facing the country, ahead of worries about unemployment, COVID-19 and crime.

The Senate is expected to vote on the broad measure next week.

The Associated Press contributed to this report.

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