The United States is sharply focused on investing in American workers, lowering costs for families, and ensuring the success of US businesses in the global economy, told US trade representative Katherine Tai recently following congressional passage of the Inflation Reduction Act of 2022.
It is another step forward for the presidential economic agenda, she also said, media reported.
She also said that this historic achievement will create good-paying jobs and further advance US leadership in the development of cutting-edge clean energy technology.
The Inflation Reduction Act will also combat climate change, reduce the deficit, and provide significant financial relief for Americans by lowering health care premiums and energy costs, she added in the statement.
With this legislation, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and a range of executive actions, the United States is in a stronger position to maintain the global competitive edge for years to come, added US trade representative.
The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40% by 2030.
The bill will also finally allow Medicare to negotiate prescription drug prices and extend the expanded Affordable Care Act program for three years till 2025.
Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal.
Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals.