Inflation Reduction Act to Lower Healthcare Costs for Americans - Biden

© AFP 2023 / SAMUEL CORUMUS President Joe Biden speaks before signing an executive order protecting access to reproductive health care services, in the Roosevelt Room of the White House in Washington, DC, on July 8, 2022
US President Joe Biden speaks before signing an executive order protecting access to reproductive health care services, in the Roosevelt Room of the White House in Washington, DC,  on July 8, 2022 - Sputnik International, 1920, 28.07.2022
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WASHINGTON (Sputnik) - The newly introduced Inflation Reduction Act of 2022 will lower the costs of healthcare for Americans, President Joe Biden said on Thursday, calling on the US House to pass it.
"The bill will lower healthcare costs for millions of Americans and will be the important investment," he said.
According to the US president, the legislation "will bring down the deficit." He admitted that the bill is far from perfect.
"It's a compromise. But it's often how progress is made ... Pass it. Pass it for the American people. Pass it for America," he added.
The legislation would commit $300 billion toward deficit reduction, in addition to providing approximately $369 billion to fund energy security and climate change and $64 billion for the Affordable Care Act over the next decade, a summary released by two lawmakers said.
The legislation aims to fight inflation by reducing the national debt, lowering energy and health care costs, lowering health care premiums and reducing carbon emissions by 40% by 2030, the summary said.
Main entrance US Commerce Department Building - Sputnik International, 1920, 28.07.2022
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The bill would raise an estimated $739 billion in revenue by imposing a 15% corporate minimum tax, as well as launching a prescription drug pricing reform, boosting IRS tax enforcement and addressing the carried interest loophole, the summary added.
The bill is set to be included in a budget reconciliation package expected to be brought to the Senate floor by Democrats next week, according to the summary.
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