Today, the United States House of Representatives passed the Build Back Better Act to take another giant step forward in carrying out my economic plan to create jobs, reduce costs, make our country more competitive, and give working people and the middle class a fighting chance.
The Build Back Better Act is fiscally responsible. It reduces the deficit over the long-term. It’s fully paid for by making sure that the wealthiest Americans and biggest corporations begin to pay their fair share in federal taxes. It keeps my commitment that no one earning less than $400,000 a year will pay a penny more in federal taxes.
Leading economists and independent experts on Wall Street have confirmed that it will not add to inflationary pressures. Instead, it will boost the capacity of our economy and reduce costs for millions of families.
Here are some key parts of the Build Back Better Act:
- It lowers your costs to save you money on things like prescription drugs and health care and housing.
- It gets Americans back to work by providing child care and care for seniors so workers can get back on the job knowing their loved ones have the care they need.
- It cuts taxes for working families and the middle class – including extending the Child Tax Credit that is already helping the families of more than 61 million children and getting us closer to cutting child poverty in half this year.
- It provides universal pre-Kindergarten for every 3-and 4-year old in America and makes education beyond high school more affordable – with historic investments in Pell Grants and Historically Black Colleges and Universities, Hispanic Serving Institutions and other Minority Serving Institutions, and Tribal Colleges and Universities.
- Together with the bipartisan infrastructure law, it makes the most significant investment in our fight against the climate crisis ever by creating jobs that build a clean energy future for our children and grandchildren.
Above all, it puts us on the path to build our economy back better than before by rebuilding the backbone of America: working people and the middle class.
I thank Speaker Pelosi and the House leadership and every House member who worked so hard and voted to pass this bill.
For the second time in just two weeks, the House of Representatives has moved on critical and consequential pieces of my legislative agenda.
Now, the Build Back Better Act goes to the United States Senate, where I look forward to it passing as soon as possible so I can sign it into law.