Joe Biden believes that there’s no greater economic engine in the world than the hard work and ingenuity of the American people. But for too long, the economy has worked great for those at the top, while working families continually get squeezed. President Biden promised to rebuild the backbone of the country – the middle class – so that this time everyone comes along. He also campaigned on a promise to make government work for working people again.
Today, the President is delivering on these promises. After hearing input from all sides and negotiating in good faith with Senators Manchin and Sinema, Congressional Leadership, and a broad swath of Members of Congress, President Biden is announcing a framework for the Build Back Better Act. President Biden is confident this is a framework that can pass both houses of Congress, and he looks forward to signing it into law. He calls on Congress to take up this historic bill – in addition to the Bipartisan Infrastructure Investment and Jobs Act – as quickly as possible.
This framework will guide the drafting of legislative language. When enacted, this framework will set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow our economy from the bottom up and the middle out. Specifically, the Build Back Better Act will be:
- The most transformative investment in children and caregiving in generations. The framework will save most American families more than half of their spending on child care, deliver two years of free preschool for every 3- and 4-year-old in America, give more than 35 million families a major tax cut by extending the expanded Child Tax Credit, and expand access to high-quality home care for older Americans and people with disabilities.
- The largest effort to combat climate change in American history. The framework will cut greenhouse gas pollution by well over one gigaton in 2030, reduce consumer energy costs, give our kids cleaner air and water, create hundreds of thousands of high-quality jobs, and advance environmental justice by investing in a 21st century clean energy economy – from buildings, transportation, industry, electricity, and agriculture to climate smart practices across our lands and waters.
- The biggest expansion of affordable health care coverage in a decade. The framework will reduce premiums for more than 9 million Americans by extending the expanded Premium Tax Credit, deliver health care coverage to up to 4 million uninsured people in states that have locked them out of Medicaid, and help older Americans access affordable hearing care by expanding Medicare.
- The most significant effort to bring down costs and strengthen the middle class in generations. The framework will make the single largest and most comprehensive investment in affordable housing in history, expand access to affordable, high-quality education beyond high school, cut taxes …….