U.S. President Joe Biden said that his plan is set on lowering inflation to ease the financial burden that the American people have to contend with on a daily basis.
“Beyond the Fed, my inflation plan is focused on lowering the costs that families face and lowering the federal deficit,” said Biden.
He noted that his administration has already “announced new steps in partnership with the private sector to lower the price of high-speed internet for tens of millions of Americans.”
He stated that “The Congressional Budget Office reported that the federal budget deficit in the first seven months of this fiscal year fell by $1.5 trillion—putting us on track for the most deficit reduction in any year on record.”
Mr. Biden added that “The CBO also confirmed that the budget deficit so far this year is lower than it was during the same period in 2019, before the pandemic began.”
Furthermore, he said he would be speaking to farmers about lowering costs, increasing productivity, and lowering the price of food “for Americans and around the world.”
“All of this is progress, but the fight against global supply chain issues related to the pandemic and Putin’s price hike will continue every day,” said Mr. Biden.
Meanwhile, he said the “Congressional Republicans talk about inflation, but their only plan is to raise taxes on working families, taking even more money out of their pockets.”
“If they are serious about inflation, they should send me the bipartisan innovation bill to bolster our supply chains and make more in America, along with legislation that cuts costs and the cuts the deficit, reducing families’ prescription drug and utility bills and restoring fairness to our tax code,” he added.
Mr. Biden said his administration has made tremendous progress in putting back the economy on track and is taking measures to bring prices down for families.
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Edited by Jesus Chan
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