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NEW Fox News articles can now be heard on audio! President Biden urged Congress to approve the $739 billion reconciliation package on Thursday, saying it would “down” the nation’s record-high inflation rate and reduce the deficit while the country battles a recession.
The president once more begged Congress to enact the Inflation Reduction Act during a virtual business roundtable event on Thursday, claiming it has “bipartisan support among the people of this country.”
Listen to the American people, is my plea to Congress,’ Biden added. “This is the strongest package you can enact to combat the climate crisis, lower health care costs, continue to reduce the deficit, lower inflation, and lessen burdens on middle-class and working-class households.
Take it. transport it to my desk. Pass it for the people of America. Pass it for employers and employees. For America, please pass.
The Inflation Reduction Act should be passed by Congress, says President Biden. Newsroom of AP
The law is “far from ideal,” according to Biden, who also acknowledged last week that it is a “compromise” that “doesn’t include everything I’ve been advocating for since I got to office.”
After more than a year of discussions among Democrats, Sen. Joe Manchin, D-W.Va., revealed last week that he and Senate Majority Leader Chuck Schumer, D-N.Y., had come to an agreement on the bill.
Manchin previously halted talks about the package. But on Wednesday, he said that a compromise was reached for a significantly scaled-back version of the original Build Back Better measure that still included provisions for taxes, the environment, and prescription drugs.
By requiring the biggest firms to “pay their fair share,” Biden claimed the law will “lower inflationary pressure on the economy” and “return fairness to the tax code.”
During a press conference regarding the Democrats’ reconciliation measure, Sen. Joe Manchin, D-W.Va., speaks with a reporter. Fox News’ Tyler Olson.
By mandating firms with more than $1 billion in profits to pay at least a 15 percent tax rate and by enforcing the law so that businesses and high-income individuals pay the taxes they owe, the reconciliation package increases revenue. The plan also removes the “carried interest” loophole, which a White House source claimed allowed investment fund managers to pay a much lower tax rate than middle-class families and was available to those with at least $400,000 in income.
The 15 percent corporate tax rate is expected to raise $313 billion over the following ten years, according to the White House. Nearly half of the total, according to the Joint Committee on Taxation , a nonpartisan legislative commission, will come from American producers.
But as Biden has emphasized, the legislation would not add any new taxes to those earning less than $400,000 annually.
The plan, according to President Biden, addresses the climate issue, locks in reduced health insurance premiums for families for the ensuing three years, and gives Medicare the authority to bargain for lower prescription medication prices. (Image courtesy of Fox News)
According to Biden, the plan addresses the climate issue, locks in cheaper health insurance premiums for families for the ensuing three years, and gives Medicare the authority to bargain for lower prescription medication prices.
A GOP insider told Fox News that the message was “pretty straightforward: Democrats are preparing to vote for tax increases amid a recession.” The sharks are circling beneath the plank where they will step off already.
The U.S. economy shrank in the spring for the second straight quarter met the requirements for a recession as consumers and businesses cut down on spending as a result of record-high inflation and increased interest rates.
Democrats are moving the plan forward via a procedure known as budget reconciliation that enables them to overcome the Senate filibuster with just 50 votes. Democrats are expected to have the necessary support to pass the legislation if they can all stay clear of COVID-19 and are present and able to vote.
Fox News Digital’s politics reporter is Brooke Singman. Her email address is Brooke.Singman@Fox.com, and her Twitter handle is @BrookeSingman.