in addition, it also changes the circumstance for people on medicare by putting a cap of a maximum $2,000 a year no matter how many prescriptions they have. which is especially important for people with cancer and long-term diseases. it s a god send. it will be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. they will meet an average savings of $800 a year for 13 million people. third, it invests $369 billion, granted i called for $500 plus, but it invests $369 billion to secure our energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars, but providing working families tax credits. it gives folks rebates to buy new and efficient appliances, to weather rise their homes and tax credits for heat pumps and rooftops solar. it also to buy any electric vehicle or fuel cell vehicle. new or used. it a
process about $290 billion and in addition, also changes the circumstance for people on medicare by putting a cap of a maximum $2,000 a year they have to pay no more than $2,000 a year no matter how many prescriptions they have. for all the prescription drugs. which is especially important for people with cancer, and long-term diseases. it s a god send. literally be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. average savings of $800 a year for 13 million people. third, invests $369 billion, granted i call for 500 plus, but invests $369 billion to secure energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. it gives folks rebates to buy new and efficient appliances and weatherize their homes, and tax cuts for heat pumps and rooftop solar, and ta
i believe in the promise of america. i believe in the future of this country. i believe in the very soul of this nation. most of all, i believe in you, the american people. i believe to my core there s not a single thing this country cannot do when we put our mind to it. just have to remember who we are. we are the united states of america. there s nothing beyond nothing beyond our capacity. that s why so many foreign companies decided to make their chips in america. billions of dollars. we re the best. we have to believe in ourselves again. now i m going to take action that i ve been looking forward to do for 18 months. [applause] there we go. it s now law. [applause] neil: you re watching the president of the united states celebrate something that his goal was upon taking office 18 months ago, his $739 billion inflation reduction act, even though the congressional budget office says it does not dramatically reduce inflation, in fact not at all in the beginning. when it
battery manufacturers and supply chain folks yesterday in michigan who are so positive about what we ve done with the new senators and so on. they re very hopeful. so i think it s good news. i think there s of course more that we can do. january we ll see a $35 cap in costs for seniors, people on medicare, which is a great step. we d like to see that be for anyone on insulin, including children that got stopped by republicans last time around. but we d sure love to see that happen. energy costs coming down. gas prices coming down. so i think things are moving in the right direction. and the more we see what we ve done in the last two years actually get implemented, you know, the chips act, bringing jobs home, the infrastructure investments that are going on, all the other things, i think we are on a great trajectory in term offense the economy.
that is probably neil: i understand what you hope to see happen on drugs, related expenses there. but we have around a 8.5% inflation rate right now. are you saying that overall rate will decline because of this? i think that inflation certain components of inflation were very much be affected by some of the measures that we re talking about. one of the toughest areas of inflation, particularly for older folks, people on medicare, is the spending that they do out of pocket, whether it s for their healthcare premiums or for their prescription drugs. as i just recorded to you, that will show up as less expenditures neil: i want to be clear. when the cbo says has to score it in phases. i understand that. when others have looked at this, the near term gain is quite far off. the real inflation help could be