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Biden: US “not in a recession,” outlines details of the Inflation Reduction Act of 2022 | FULL

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U.S. President Joe Biden held a news conference in Washington, D.C. on Thursday outlining details about the Inflation Reduction Act of 2022, a bill meant to fight growing inflation.

Biden said that the bill would lower healthcare costs for millions of Americans and be an investment in energy security as well as green jobs, drawing a brief comparison to the initial stages of the previous “Build Back Better plan.” Biden gave details on the implications of the bill for health care, cost of living, energy investments, taxes for those making over $400,000 per year and more.

At the end of his remarks, Biden said that according to Federal Reserve chairman Jerome Powell and other high-level banking personnel, the U.S. is “not in a recession.” He pointed to the record rates of unemployment, creation of new jobs and manufacturing investments as signs of economic health.

These remarks came after Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va) released preliminary details of a bill to address climate change, taxes, health care and inflation on Wednesday.

That same day, the Federal Reserve had also raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25 per cent to 2.5 per cent, its highest level since 2018.

For more info, please go to https://globalnews.ca/news/9019728/us-fed-rate-hike-july/

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