LOC22:46
19:46 GMT
WASHINGTON, July 28 (KUNA) -- US President Joe Biden has thrown his weight behind the Inflation Reduction Act, which he says will fight rising inflation through reducing health care costs, raising corporate tax on mega corporations and fighting climate change.
"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, and it lowers the deficit. It strengthens our economy in the long run as well," he said in a speech ahead of the draft bill's deliberation by the Senate.
The speech comes a day after Democrats at the Senate announced agreeing unanimously to the legislation, which would urge government spending of USD 433 billion with expected returns of USD 739 billion in tax revenue.
The president explained that the bill, which he described as "the most important investment", will also oblige large corporations "pay their fair share" of tax while nullifying taxes on people who earn less than USD 400,000 a year, thus reducing inflation.
"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," the president argued.
The full Senate is expected to put the bill under consideration next week. (end)
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