0 bill is long overdue and it helps us take decisive action on the climate crisis and leads for the world by example. inflation hawks like larry summers said this bill is, quote, fighting inflation, let me say it, this bill is fighting inflation. progressive leaders like senator elizabeth warren said, quote, this is a bill that truly is about fighting inflation, bringing down the costs for families and putting our country on a sounder economic footing. here's how it works. first, the bill finally delivers on a promise that washington has made for decades to the american people. we're giving medicare, we're giving medicare the power to negotiate for lower prescription drug prices, which means seniors and consumers will pay less for their prescription drugs. medicare will save in the process about $290 billion, and in addition it also changes the circumstances for people on medicare by putting a cap of a maximum $2,000 a year, they'll 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 godsend. it will literally be a godsend 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. that will mean 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 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, to weatherize their homes, and tax credits for heat pumps and rooftop solar. it also gives consumers a tax credit to buy any electric vehicle or fuel cell vehicle, new or used. and a tax credit for up to $7,500 if those vehicles were made in america. this investment in environmental justice is real. it also provides tax credits that will create thousands of good-paying jobs, manufacturing jobs, clean energy construction projects, solar projects, clean hydrogen projects, and more by giving tax credits for those who build these projects here in america. let me be clear, this bill would be the most significant legislation in history to tackle the climate crisis and improve our energy security right away. now, give us a tool to meet the climate goals that are set that we've agreed to by cutting emissions and accelerating clean energy, a huge step forward. fourth, this bill requires the largest corporations to begin to pay toward their fair share in taxes, by putting in place a 15% corporate minimum tax. i know you've never heard me say this before, it will come as a shock to you. but 55 of the fortune 500 companies paid no federal income tax in 2020. you've only heard me say that about 10,000 times, but the fact is they paid no taxes of income of over $40 billion. guess what? this bill ends that. they're going to have to pay a minimum of 15% tax on that $40 billion or whatever the number turns out to be. fifth, this package will reduce the federal deficit by over $300 billion. already on my watch deficits come down in my first year by $350 billion and a record $1.7 trillion at the end of this fiscal year. now, this bill is going to keep that progress going. yes, i'll say it again, this legislation will bring down the deficit, bring down the deficit. the sixth point i want to make is this bill will not raise taxes on anyone making less than $400,000. i promise, a promise i made during the campaign and one that i've kept. look, i know it can sometimes seem like nothing gets done in washington. i know it never crosses any of your minds. but the work of the government can be slow and frustrating, and sometimes even infuriating. then the hard work of hours and days and months from people who refused to give up pays off. history is made, lives are changed. with this legislation we're facing up to some of our biggest problems and we're taking a giant step forward as a nation. that didn't just happen on this inflation reduction bill. it also happened yesterday when the senate made the bipartisan decision as a nation to invest in america's manufacturing technology of semiconductors and additional funding for basic research and development in the cutting-edge industries of the 21st century. if the house passes this bill, and i want to thank speaker pelosi, i think she's going to get it done, for her leadership here, it has added to the benefit -- it has the added benefit of creating tens of thousands of additional good-paying jobs, lowering inflation, giving us the ability not only to compete with china for the future, but to lead the world and win the economic competition of the 21st century. you've heard me say 1,000 times we have to investment in research, development and growth. i hope the house is going to pass this bill today. my plea is, put politics aside, get it done. we need to lower the cost of automobiles, appliances, smartphones, consumer electronics and so much more. and you can't do it, all of these things are powered, most everything in our lives are powered by these semiconductors and tiny computer chips the size of a fingernail tip. we should pass this today and get moving. i know the compromise on the inflation bill doesn't include everything i've been pushing for since i got to office. for example, i'm going to keep fighting in the future to bring down the cost of things for working families and middle class families that matter, by providing for affordable and accessible things like affordable child care, affordable eldercare, preschool, the cost of preschool, housing, keeping students and helping students with the cost of college, closing the health care coverage gap. it's a fancy way of saying health care coverage gap, expanding medicaid in states that refuse to do it and more. look, this bill is far from perfect. it's a compromise. but that's often how progress is made, by compromises. and the fact is that my message to congress is this, this is the strongest bill you can pass, it will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis and promote energy security. all the time while reducing the burdens facing working class and middle class families. so pass it. pass it for the american people. pass it for america. i'll have more to say on this later. now i want to thank leaders schumer and joe manchin, senator manchin for the extraordinary effort that it took to reach this result. thank you. and let me speak to one other issue, the gdp, and whether or not we are in a recession. both chairman powell and many of the significant banking personnel and economists say we're not in a recession. let me just giving you what the facts are in terms of the state of the economy. number one, we have a record job market -- record unemployment of 3.6% today. we've created 9 million new jobs so far since i've become president. businesses are investing in america at record rates, at record rates. foreign businesses are investing in america, hundreds of millions and trillions of dollars sum total. $100 billion in semiconductor investments already announced by intel, samsung and texas instruments. more than $100 billion in electric battery invests by ford, tesla and more. and just last week, sk corporation of the republic of korea will be creating another 16,000 jobs here in america. and this is following the strongest rebound in american manufacturing in over three decades, creating 613,000, 613,000 manufacturing jobs. passing the chips bill is going to put $72 billion for tax credits to expand semiconductor production and the inflation reduction act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical materials processing. that doesn't sound like a recession to me. to you very much. >> good afternoon. i'm chris jansing live at msnbc headquarters in new york city, and i just heard it from washington. president biden on offense, frankly, for the first time in a long time as key elements of his agenda suddenly and surprisingly seem to be coming together. that bill he just talked about which democrats are calling the inflation reduction act, is something he has been working toward for more than a year. it's a potentially historic deal struck between joe manchin and chuck schumer. it aims to lower health care costs, reduce the federal deficit, includes what the president called the most significant investment ever in fighting climate change. it was a stunning surprise that most of washington never saw coming, this agreement. we're going to hear from biden again in the next hour and we expect them to argue further that the u.s. economy is on the right path. that is in spite of what he just mentioned, the new gdp numbers that show the u.s. economy shrank for a second straight quarter. that's a key sign of a possible recession, even if joe biden, the white house and the fed chair will not call it that. and it follows a series of sudden shifts that produced a potentially transformative day for joe biden, frankly at a critical time, because we're just a few months out from midterms. yesterday he emerged from covid isolation to cheers in the rose garden and touted vaccines and new treatments. in the senate the chips bill passed on that rare bipartisan vote, more than a quarter trillion to boost manufacturing of computer chips and create thousands of jobs. secretary of state antony blinken announced the u.s. made an offer to russia to release brittney griner and paul whelan. it's suggested his presidency is back from the dead, so we've got a lot to discuss. i want to bring in capitol hill correspondent ali vitali, reporter for politico and co-author of the politico playbook and the founder of country over party and an msnbc political analyst. look, eugene, your headline before we heard from the president said, manchin breathes new life into biden's agenda. he certainly made it sound like that. explain what this might mean for the president and the party. >> you know, this administration has been besieged by issue after issue after issue. they were looking and hoping for a win here and that's exactly what they got yesterday. what they ended up getting was joe manchin and senate majority leader chuck schumer releasing a statement saying, we've got a deal. something that, to be fair, most of us in washington, d.c. did not expect, because we thought joe manchin walked away from the larger outlining and that wasn't the case. i talked to someone close to manchin yesterday and they pressed this over and over again, that we told you guys he was not walking away from the table. so they continued these conversations in the background, they continued these conversations for days and days. you talk to the white house, they're excited about this. they kind of stayed out of it for the most part, because as joe manchin told my colleague, president biden told him, hey, if you don't think it's going to be helpful for me to be involved in these conversations, i will step back and allow you to do that, and they have allowed that to happen. now you have the administration as we go into the midterms with all the things you just outlined, with this big deal that they had promised that was going to be a bill for more than a year now, something that can be a reality right before the midterms, showing people, the white house hopes, that washington, d.c. can work. that's something they're going to continue to lean on and you're going to continue to hear from them. even today you saw president biden with a little bit of pep in his step as he was talking about that bill. >> and, matthew, he essentially said i'm not the only person here, lots of folks like this. larry summers likes it, al gore likes it, elizabeth warren likes it. he used words like transformative, significant. i guess the question is, does it significantly change the landscape potentially for the midterms? >> well, in my view the landscape of the midterms has fundamentally been changed over the last 30 days anyway, and i think there's a number of different polls that have pointed that out, and that's primarily because, and we've talked about this before, there's a decoupling between the perceptions of biden and the generic ballot numbers we see, and i know you'll talk about this later, the u.s. poll, which has the democrats now four points ahead on generic ballot, even with biden low job approval. in my view, that was driven primarily over the discussion over choice in roe v. wade, the discussion over guns and gun reform and the january 6th committee that has laid out a number of facts in the course of this. so i actually think the trajectory for the last 30 days has been pointing more and more and more toward the democrats' favor and if you look at internals in these polls, and this will only help, because independents are breaking. it provides a contrast between competent leadership that gets stuff done, and on the other side among republicans, which is this whole realm of cruelty and conspiracy theories and craziness that the democrats, i think, would fundamentally run on on this. and this provides added evidence that the democrats are providing competent leadership at a difficult time in contrast to all the crazy conspiracy stuff that the republicans are doing. so i think this just adds one more element in the trajectory that's already moving right now, this summer, toward the democrats. >> and i have to say, ali, if the number of members of congress are willing to go on tv as a measure of how folks where you are feel about this, then they're feeling pretty good. i just want to play a little bit of what we heard from the president, because i think it speaks to maybe the messaging we're going to hear from democrats. take a listen. >> i know it can sometimes seem like nothing gets done in washington. i know it never crosses any of your minds. but the work of the government can be slow and frustrating, and sometimes even infuriating. then the hard work of hours and days and months from people who refused to give up, pays off. history is made. lives are changed. with this legislation, we're facing up to some of our biggest problems and we're taking a giant step forward as a nation. >> so what are you hearing from folks on the hill, ali, about what this means? and is it a done deal really? >> reporter: i don't think that any senate democrat or house democrat, for that matter, would disagree with the idea that this has been slow and frustrating, and also is a positive thing to see a deal on finally. there has been a whole roller coaster of emotions over the course of the last year, frankly, as manchin and schumer and other democrats have been trying to hash out what this reconciliation package would look like. biden calling it transformative is something i've heard from multiple senate democrats over the last 24 hours, even though they were surprised by the bill coming yesterday, and i think the fact that they're still framing it as transformative is true when you look at what's in it. for example, more than $300 billion going towards climate initiatives, the largest investment that we've seen from the government ever at a time when there is a true clambering for more investment in fighting climate change at this moment. at the same time, there is also the acknowledgment here that we know what used to be in this bill, when it costs $2.5 trillion and included key things like elements, things like paid family leave and universal pre-k. those are things that democrats are happy for something but do wish the package of last year could have been revived in some way. i also think you think about the people who are going on television touting this plan, certainly there are a lot of them, but there's one notable voice all of us are looking for and it's senator kyrsten sinema. i asked senator manchin about that and he said he hasn't spoken to her yet. she has not yet said that she's on board. >> you know, it isn't over until it's over. matthew, biden obviously still has to make sure that this thing gets done, but he also has to contend with those gdp numbers. he mentioned it, trying to launch a preemptive strike. but so did mitch mcconnell. here's what he tweeted last night. democrats have already crushed american families with historic inflation. now they want to pile on giant tax hikes that will hammer workers and kill many thousands of american jobs. first they killed your family's budget, now they want to kill your jobs, too. so could this also provide an opening for messaging for the midterms for the republicans? >> i think the republicans are going to say whatever the republicans are going to say, and there's much of what mitch mcconnell said that is patently false. they're only talking on tax increases on the super evaluaty wealthy and corporations, and at the time the economy is at full employment. i think the republicans want to do everything they possibly can to not talk about the candidates that are actually running for office around the country. the election deniers, the people putting out crazy stuff on roe v. wade, crazy stuff on gay marriage, all of the stuff in the ethernet and all of it getting talked about. the republicans in the leadership know that if they're running on that, they're losing. so anything they can do to try to switch the topic off of their own candidates that are running around the country, i think they want, and it's incumbent upon democrats to keep the pressure going on the contrast between the two types of leadership. and as i said, that's what i think -- what happened with joe biden today and his agreement provides even more solid evidence of competent leadership that gets stuff done. >> and one more note on republicans, they've been threatening to block the chips bill if they thought there was still a chance of a manchin bill, and then just hours after republicans helped pass the chips bill, we got the bipartisan vote, the manchin deal gets announced. what happened there? >> reporter: that's something that i asked senator joe manchin about, because in the immediate aftermath of, wow, there's a deal, were the open questions of, oh, did schumer and manchin outmaneuver mcconnell here? he had laid the red line out that he wasn't going to allow a push forward on the chips bill, the semiconductor package, if there was still a hope of democrats pushing forward on reconciliation. but we know yesterday that chips passed the senate in bipartisan fashion. i asked manchin about this. listen to what he said. >> did you guys pull a fast one on republicans after the chips vote had passed, then announcing your deal? >> no, i sure hope they don't feel that way. i understand that they are, but i don't know why. here's the thing. first of all, i have not spoken to kyrsten sinema about this. our people were working intensely. our people wrote the bill, wrote the contents. that's why everything was ready last night. we worked with schumer's staff, they were very constructive. everybody would give and take a little bit and the white house, they were basically kept apprised of what was going on to a certain extent. >> reporter: so manchin bringing us behind the scenes there both in terms of the strategy with republicans and also the strategy within his own caucus. i think what's clear is the fact that he hasn't talked to senator kyrsten sinema. you're also getting a little bit of behind the scenes because that's what our zoom booth looks like because senator manchin is at home with covid. >> quite luxurious. i had forgotten how fabulous it is there. i want to go back to this big picture, if i can, eugene, which