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PRESIDENT BIDEN IS TAKING BOLD ACTION TO LOWER COSTS FOR AMERICAN FAMILIES

FOR IMMEDIATE RELEASE: April 12, 2022
PRESS CONTACT: [email protected]

PRESIDENT BIDEN IS TAKING BOLD ACTION TO LOWER COSTS FOR AMERICAN FAMILIES

WASHINGTON, D.C. — President Biden remains laser-focused on lowering the cost of essentials for American families, including by working to lower gas prices. Last month, the President ordered the record release of 1 million barrels of oil daily from the U.S. Strategic Petroleum Reserves for the next six months to ease the pain Americans are experiencing at the pump. This builds on previous work by the Biden-Harris Administration to lower costs by tackling supply chain bottlenecks, increasing competition in our economy, and creating good-paying union jobs here at home. ​Today’s CPI report shows there’s still more progress to be made, which is why President Biden is fighting for his plan to build a better America by lowering the cost of health care, child care, prescription drugs, and other essentials.

“President Biden is using every tool at his disposal to lower costs for American families because he knows firsthand that even slight increases in the price of essential goods can have a significant impact on Americans,” said Building Back Together Executive Director Danielle Melfi. “The President’s tireless efforts to address inflation are in stark contrast to the inaction and obstruction of Congressional Republicans, who oppose these efforts to lower prices. Just last month, the majority of Republicans voted against a bill to cap insulin copays at $35 per month. Their opposition to cost-cutting measures and advocacy for higher taxes for middle class families are not only at odds with President Biden’s policy priorities but are out of touch with the needs of American families.”

President Biden is using every tool at his disposal to lower gas prices and hold oil companies accountable for price gouging:

  • Last month, President Biden announced the release of 1 million barrels of oil from the U.S. Strategic Petroleum Reserve every day for the next six months – the largest release in history.
  • We’ve already seen a dip in oil prices because of President Biden’s actions.
  • This announcement follows previous steps by the Biden-Harris Administration to release more than 90 million barrels of oil from the Strategic Petroleum Reserve.
  • President Biden has also taken steps to investigate price gouging by oil companies to ensure corporations don’t take advantage of consumers while raking in record profits for themselves.

 
President Biden is fighting for his plan to cut costs of other essential goods by:

  • Making more goods in America, strengthening our supply chains, and ensuring we can move those goods faster and cheaper.
  • Reducing everyday costs, including health care, prescription drug prices, utility bills, child and elder care, and more.
  • Promoting fair competition in our economy that protects consumers and helps small businesses thrive.
  • Eliminating barriers to good-paying jobs for workers all across America.

 
Meanwhile, Republicans in Congress continue to advance the priorities of big corporations and the wealthiest Americans by proposing higher taxes and raising costs:

  • The vast majority of House Republicans voted against a bill that would have capped insulin copays at $35 per month.
  • Republican Senator Rick Scott has proposed raising taxes on half of Americans – a policy that would place a massive burden on those earning under $100,000 per year.
  • This is nothing new for Congressional Republicans, who voted for massive tax giveaways under the previous administration that gave 83% of benefits to the richest 1% of Americans.
  • Republican Senator Johnson recently said that essential Affordable Care Act protections should be eliminated, while Republican Senator Chuck Grassley has openly admitted that Republicans wouldn’t stand up to Big Pharma and their price gouging if Republicans control Congress.

President Biden is building an economy from the bottom up and the middle out, taking on price-gouging by big corporations, and fighting on behalf of American families to lower costs.

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