Good afternoon yesterday I spoke with both Senator Schumer and Mansion and offered my support for 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 *** lot of similarities between the beginning of the build back better initiatives, not all of it. We've moved *** long way. I'll be going into detail in *** minute but simply put the bill will lower health care costs for millions of americans. It will be and uh 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 *** big deal also for the first time in *** long time began to restore fairness to the tax code, began to restore fairness by making the largest corporate nations and large corporation America Pay their fair share with any without any new taxes on people making under $400,000 *** year, experts, even some experts who have criticized my administration in the past agreed 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 *** 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. This bill has won the support of climate leaders like former Vice President Al Gore who said the bill is quote long overdue and *** 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 Secretary of Treasury Larry Summers said, quote, this bill is fighting inflation. Let me say this bill is fighting inflation progressive leaders like Senator Elizabeth Warren said, quote this bill. This is *** bill that truly is about fighting inflation, bringing down the cost for families and putting our country on *** sounder economic footing. Here's how it works. First, the bill finally delivers on *** promise that Washington has made for decades to the american people. We're giving Medicare, 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 *** cap of *** maximum $2,000 *** year is they have to pay no more than $2,000 *** 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 *** godsend. It would literally be *** godsend for many families. Second, the bill locks in place, lower healthcare premiums for the next three years for millions of families that get coverage under the affordable care act, They will mean an average savings of $800 *** year for 13 million people. Third, It invests $369 billion dollars Granted, I call for 500 plus but invest $369 billion dollars to secure energy future and to address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. It gives folks rebates buy to buy new and efficient appliances to weatherize their homes and tax credits for heat pumps and rooftop solar. It also gives consumers *** tax credit to buy any electric vehicle or fuel cell vehicle new were used And *** 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. Now give us *** tool to meet the climate goals that are set that we've agreed to by cutting emissions and accelerating clean energy *** huge step forward. Fourth, this bill requires the largest corporations to begin to begin to pay toward their fair share and taxes By putting in place *** 15% corporate minimum tax. Now, I know you've never heard me say this before will come as *** shock to you, but 55 for the Fortune 500 companies paid no federal income tax in 2020. Now you 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 *** minimum of 15% tax on that 40 billion or whatever the number turns out to be 5th. This package will reduce the federal deficit by over $300 billion. Already on my watch, deficits come down my first year by $350 billion And *** record $1.7 trillion dollars 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 6th point I want to make is this bill will not raise taxes on anyone making less than $400,000 *** year. And I promise, I promise I made during the campaign. And one which that I have 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 *** giant step forward as *** nation. That didn't just happen on this, on this inflation reduction bill. It also happened yesterday when the senate made the bipartisan decision as *** nation to invest in America's manufacturing technology of semiconductors and additional funding for basic research and development And the cutting edge industries of the 21st century. If the House passes this bill, I think speaker, I want to thank speaker Pelosi, I think she's going to get done for her leadership here. It has, it has added to the benefit, has the added benefit of creating tens of thousands of good paying additional good paying jobs lowering inflation. You can have this ability, the ability not only compete with China for the future but to lead the world to win the economic competition of the 21st century. You've heard me say 1000 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 are powered by these semiconductors and tiny computer chips the size of *** fingernail tips. Look we should pass this today and get moving. I know the compromise on inflation bill doesn't include everything that I've been pushing for since I got to office. For example I'm gonna 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 accessible things like affordable childcare, affordable elder care preschool. Cause the cost of preschool housing. Keeping students with the helping students with the cost of college closing healthcare coverage gap. That's *** fancy way of saying health care coverage gap, expanding Medicaid in states that refuse to do it and more. No, this bill is far from perfect. It's *** compromise but it is 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 promote energy security all the time while reducing the burdens facing working class and middle class families. So pass it passive for the american people pass it for America. I'll have more to say in this later. I want to thank leader schumer and imagine joe Manchin Senator imagine 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 *** recession. Both Chairman Powell and many of the uh significant banking personnel and economist say we're not in recession. Let me just give you what the facts are in terms of the state of the economy. Number one we have *** record job market of record unemployment of 3.6%. Today We created nine million new jobs so far just to become president. Business are investing in America at record rates at record rates. Foreign business like SK and others 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 electric vehicle battery investments by four General Motors, Hyundai Tesla and more. And just last week as it had SK corporation of Republican decree announced $22 billion And new investment in semiconductor batteries, chargers and medical devices, creating another 16,000 jobs here in America. And this is powering the strongest rebound in american manufacturing In over three decades, creating 613,613,000 manufacturing jobs Passing the chips bill is going to put another $72 billion dollars 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, including incentives to accelerate domestic production of solar panels, wind turbines, batteries and critical materials processing. That doesn't sound like *** recession to me, Thank you very much.