PRESS RELEASE: HOUSE PASSES BUDGET RESOLUTION, BUILD BACK BETTER AGENDA MOVES A STEP CLOSER TO CREATING JOBS AND LOWERING COSTS
FOR IMMEDIATE RELEASE
August 24, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
HOUSE PASSES BUDGET RESOLUTION, BUILD BACK BETTER AGENDA MOVES A STEP CLOSER TO CREATING JOBS AND LOWERING COSTS
Treasury Secretary Janet Yellen on Build Back Better: “We have a chance now to repair the broken foundations of our economy, and on top of it, to build something fairer and stronger than what came before.”
POLLING: 62% of Voters — Including 56% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.
WASHINGTON, D.C. — Today, the U.S. House of Representatives moved President Biden’s Build Back Better agenda a step closer toward passage as it adopted the Senate’s budget resolution and advanced the reconciliation process. The agenda, which makes overdue investments in long-term care, education, child care, clean energy, and more, will create millions of jobs, lower costs, and cut taxes for American families across the country.
The Build Back Better agenda, together with the Bipartisan Infrastructure Deal, will boost economic growth and ease inflationary pressures, according to Moody’s Chief Economist Mark Zandi.
Invest in America Action’s Communications Director Maddy McDaniel made the following statement:
“Today’s passage of the budget resolution in the House is a huge victory, bringing us one step closer to making critical investments in key areas of our economy. Once the Build Back Better agenda is passed, it will create millions of good-paying jobs; lower prescription drug, education and child care costs; and cut taxes for working and middle-class families.
“Paired with the Bipartisan Infrastructure Deal, the public investments in the Build Back Better agenda will lead to enormous economic growth and reduce inequities in our economy.
“We urge Congress to swiftly move to pass a reconciliation package that rejects any attempts to curtail the forward thinking priorities contained within the resolution.”
The investments in President Biden’s full Build Back Better agenda will create jobs, lower costs, and lower taxes for working families.
The Build Back Better agenda will lower taxes for middle class families:
It will expand the Child Tax Credit, lowering taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.
The Build Back Better agenda will lower costs for working people:
It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.
It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.
It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost savings; adding dental, vision, and hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.
It will lower education costs by making two years of community college tuition-free and making universal preschool a reality.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.