Jill and I will pause to mourn the six million Jews who were systematically and savagely murdered by the Nazis and their collaborators during the Holocaust — and to grieve the Roma and Sinti, Slavs, people with disabilities, LGBTQ+ individuals, and political dissidents who were also killed. As we join nations around the world in bearing witness to this dark chapter in our shared history, we also honor survivors and their stories—pledging to always remember, and to keep faith with that sacred vow: “never again.”
“Never again” was a promise my father first instilled in me at our family dinner table, educating me and my siblings about the horrors of the Shoah. It’s a lesson I’ve passed on to my own children and grandchildren by taking them to Dachau to understand for themselves the depths of this evil—and the complicity of those who knew what was happening, yet said nothing. Seeing neo-Nazis and white nationalists march from the shadows in Charlottesville in 2017, spewing the same antisemitic bile we heard in the 1930s in Europe, drove me to run for president.
Sadly, we have seen over and over again that hate never goes away. It only hides—waiting to reemerge whenever it is given just a little bit of oxygen. And today, across our country, we are seeing swastikas on cars, antisemitic banners on bridges, verbal and physical attacks against Jewish businesses and Jewish Americans – even Holocaust denialism. It’s vile. It goes against everything we value as Americans. And each of us must speak out against this poison. Together, we must affirm, over and over, that hate has no safe harbor in America.
That is exactly what my Administration is doing. Working with partners around the country, we held a historic White House Summit on combating hate-fueled violence. We appointed the first Ambassador-level Special Envoy to Monitor and Combat Antisemitism. We are developing a national strategy to fight antisemitism. We’ve secured the largest increase in funding ever for the physical security of non-profits—including synagogues and Jewish Community Centers. We continue to support Holocaust survivors to ensure they can live the rest of their lives with dignity and security. And to mark this day of remembrance, the Second Gentleman of the United States, Douglas Emhoff, is participating in a commemoration ceremony at the Auschwitz-Birkenau concentration camp in Poland, and will be visiting Berlin, Germany to coordinate international efforts to combat antisemitism.
On International Holocaust Remembrance Day and every day, the United States stands with Holocaust victims, their families, and their descendants. We remember. We honor their stories. We will face down the hate and the lies that carry in them the terrifying echoes of one of the worst chapters in human history. And for generations to come, we will continue to defend our foundational values as a nation—freedom, equality, and dignity for all human beings.
Americans say they are really, really upset about higher gas prices, despite the fact the prices have come down consistently since the peak in the summer ($1.20) and are just about 30c higher per gallon, and that the price rise is largely due to Putin’s genocidal invasion of Ukraine, and but that inflation will affect how they vote. But what is also clear is that American-based oil companies have basically indulged in price-gouging, war-profiteering – as evidenced by record profits during the third quarter. We’re talking Exxon’s highest quarterly profits in its 152-year history. The oil companies have pocketed $100 billion in just 200 days, two and three times the quarterly profit of a year ago, setting historic records. Think about that.
“Their profits are a windfall of war,” President Biden declared, “the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe. You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders…if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. ..It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.”
And here’s my question: the oil companies are using billions of that profit to buy back their stock, rather than reinvest or do something productive with all that cash. Why don’t they instead be the ones developing, installing and owning clean, renewable energy technologies – be part of the solution to carbon-emissions-caused global warming and climate change, rather than the cause. They could be developing battery-storage technologies, EV charging infrastructure, cheaper and better solar panels and wind turbines. Instead, they spend their untold billions to lobby lawmakers to challenge climate action and propagandize climate change denial.
Here’s another issue: they are deliberately keeping gas prices high because they know it may hurt Democrats’ control of Congress, and stop, even reverse Biden’s progress on climate action and a transition to clean, renewable energy.
Here are the facts, provided by the White House, and President Biden’s remarks – Karen Rubin/news-photos-features.com
Oil companies are posting record profits. Over the last two quarters alone, ExxonMobil, Chevron, Shell, BP, ConocoPhillips, and TotalEnergy earned over $100 billion in profits. That is more than they earned all of last year, and more thantwo-and-a-half times what they earned in the same quarters of 2021.
Oil companies are overcharging American families at the pump.Today, profit margins at five of the largest oil companies are higher than their pre-pandemic levels.Refining margins per gallon of gasoline are about 50 cents over historical levels – nearly double what is typical. Diesel profit margins are even larger at about $1.90 above historical levels – more than six times what is typical.
Oil companies are padding shareholder pockets rather than increasing production. ExxonMobil, Chevron, Shell, BP, ConocoPhillips, and TotalEnergy are spending more money buying back their own shares than investing in raising their productive capacity. Over the last six months, these companies reported spending over $50 billion to buy back their own shares and pay out dividends. That’s about the same amount that these companies returned to shareholders all of last year. In Q2 and Q3 of 2022, the ratio of capital expenditures to earnings of the six large oil companies was only 35%, compared to over 130% during the same quarters from 2017 to 2019 pre-pandemic.
President Biden remarked on the record oil profits on October 31. Here’s a transcript:
Putin’s invasion of Ukraine in March set gas prices soaring literally around the world — not just here, but around the world.
And because of the action we’ve taken since then, gas prices have actually come down — going into the Strategic Petroleum Reserve — here at home, in America. They’re down more than $1.20 since their peak this summer. And they’ve been falling for the best of — best part of the last three weeks.
In June, the average price — not the most common price, but the average price — nationwide was — was over $5 a gallon. Today, the average price for a gallon of gas is $3.76. That’s adding up to real savings for American families — the difference between those prices. And this difference makes a difference.
In a difficult time, Americans across the country have stepped up to do the right thing. But not everyone has stepped up. The oil industry has not met its commitment to invest in America and support the American people.
One by one, major oil companies have reported record profits, not just a fair return for hard work. Every company is entitled to that: a fair return for the work they do or innovation they generate. But I mean profits so high it’s hard to believe.
Now, the second quarter of the profits were really high. But the third quarter — last week, Shell announced that it made $9.5 billion in profits for the third quarter — $9.5 billion. That’s almost twice as much as it made in the third quarter of last year. I think that’s something. You think that’s incredible? I thought, “My — that’s as good as — as high as it’s going to get.”
Then along came Exxon. Exxon’s profits for the third quarter were at $18.7 billion. One quarter: $18.7 billion — nearly triple what Exxon made last year and the most in its 152-year history. It’s never made that much profit.
In the last six months, six of the largest oil companies have made more than $100 billion — $100 billion. And we had a little discussion about this, the three of us and others. One hundred billion in profits in two — less than 200 days…
Here’s why it matters: If these companies were making average profits they’ve been making by refining oil over the last 20 years instead of the outrageous profits they’re making today and if they passed the rest on to the consumers, the price of gas would come down around an additional 50 cents.
If they’re investing their profits at historic rates in their U.S. operations, then America would be producing more oil today and prices would be down even further. But rather than increasing their investments in America or giving American consumers a break, their excess profits are going back to their shareholders and to buying back their stock, so the executive pay is going to skyrocket.
Give me a break. Enough is enough. Look, I’m a capitalist. You’ve heard me say this before: I have no problem with corporations turning a fair profit or getting the return on their investment and innovation. But this isn’t remotely what’s happening.
Oil companies’ record profits today are not because they’re doing something new or innovative. Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe. You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders.
I think they have a responsibility to act in the interest of their consumers, their community, and their country; to invest in America by increasing production and refining capacity. Because they — they don’t want to do that. They — they have the opportunity to do that — lowering prices for consumers at the pump.
You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.
The American people are going to judge who’s standing with them and who is only looking out for their own bottom line. I know where I stand.
The White House released this fact sheet outlining the Biden-Harris Administration National Security Strategy:
President Biden’s National Security Strategy outlines how the United States will advance our vital interests and pursue a free, open, prosperous, and secure world. We will leverage all elements of our national power to out-compete our strategic competitors; tackle shared challenges; and shape the rules of the road.
The Strategy is rooted in our national interests: to protect the security of the American people, to expand economic opportunity, and to realize and defend the democratic values at the heart of the American way of life. In pursuit of these objectives, we will:
Invest in the underlying sources and tools of American power and influence;
Build the strongest possible coalition of nations to enhance our collective influence to shape the global strategic environment and to solve shared challenges; and
Modernize and strengthen our military so it is equipped for the era of strategic competition.
COOPERATION IN THE AGE OF COMPETITION In the early years of this decisive decade, the terms of geopolitical competition will be set while the window of opportunity to deal with shared challenges will narrow. We cannot compete successfully to shape the international order unless we have an affirmative plan to tackle shared challenges, and we cannot do that unless we recognize how heightened competition affects cooperation and act accordingly.
Strategic Competition.The most pressing strategic challenge we face as we pursue a free, open, prosperous, and secure world are from powers that layer authoritarian governance with a revisionist foreign policy.
We will effectively compete with the People’s Republic of China, which is the only competitor with both the intent and, increasingly, the capability to reshape the international order, while constraining a dangerous Russia.
Strategic competition is global, but we will avoid the temptation to view the world solely through a competitive lens, and engage countries on their own terms.
Shared Challenges. While this competition is underway, people all over the world are struggling to cope with the effects of shared challenges that cross borders—whether it is climate change, food insecurity, communicable diseases, or inflation. These shared challenges are not marginal issues that are secondary to geopolitics. They are at the very core of national and international security and must be treated as such.
We are building the strongest and broadest coalition of nations to enhance our collective capacity to solve these challenges and deliver for the American people and those around the world.
To preserve and increase international cooperation in an age of competition, we will pursue a dual-track approach. On one track, we will work with any country, including our competitors, willing to constructively address shared challenges within the rules-based international order and while working to strengthen international institutions. On the other track, we will deepen cooperation with democracies at the core of our coalition, creating a latticework of strong, resilient, and mutually reinforcing relationships that prove democracies can deliver for their people and the world.
INVESTING AT HOME The Biden-Harris Administration has broken down the dividing line between domestic and foreign policy because our strength at home and abroad are inextricably linked. The challenges of our age, from strategic competition to climate change, require us to make investments that sharpen our competitive edge and bolster our resilience.
Our democracy is at the core of who we are and is a continuous work in progress. Our system of government enshrines the rule of law and strives to protect the equality and dignity of all individuals. As we strive to live up to our ideals, to reckon with and remedy our shortcomings, we will inspire others around the world to do the same.
We are complementing the innovative power of the private sector with a modern industrial strategy that makes strategic public investments in our workforce, strategic sectors, and supply chains, especially in critical and emerging technologies.
A powerful U.S. military helps advance and safeguard vital U.S. national interests by backstopping diplomacy, confronting aggression, deterring conflict, projecting strength, and protecting the American people and their economic interests. We are modernizing our military, pursuing advanced technologies, and investing in our defense workforce to best position America to defend our homeland, our allies, partners, and interests overseas, and our values across the globe.
OUR ENDURING LEADERSHIP The United States will continue to lead with strength and purpose, leveraging our national advantages and the power of our alliances and partnerships. We have a tradition of transforming both domestic and foreign challenges into opportunities to spur reform and rejuvenation at home. The idea that we should compete with major autocratic powers to shape the international order enjoys broad support that is bipartisan at home and deepening abroad.
Our alliances and partnerships around the world are our most important strategic asset that we will deepen and modernize for the benefit of our national security.
We place a premium on growing the connective tissue on technology, trade and security between our democratic allies and partners in the Indo-Pacific and Europe because we recognize that they are mutually reinforcing and the fates of the two regions are intertwined.
We are charting new economic arrangements to deepen economic engagements with our partners and shaping the rules of the road to level the playing field and enable American workers and businesses—and those of partners and allies around the world—to thrive.
As we deepen our partnerships around the world, we will look for more democracy, not less, to shape the future. We recognize that while autocracy is at its core brittle, democracy’s inherent capacity to transparently course-correct enables resilience and progress.
AFFIRMATIVE ENGAGEMENT The United States is a global power with global interests; we are stronger in each region because of our engagement in the others. We are pursuing an affirmative agenda to advance peace and security and to promote prosperity in every region.
As an Indo-Pacific power, the United States has a vital interest in realizing a region that is open, interconnected, prosperous, secure, and resilient. We are ambitious because we know that we and our allies and partners hold a common vision for the region’s future.
With a relationship rooted in shared democratic values, common interests, and historic ties, the transatlantic relationship is a vital platform on which many other elements of our foreign policy are built. To effectively pursue a common global agenda, we are broadening and deepening the transatlantic bond.
The Western Hemisphere directly impacts the United States more than any other region so we will continue to revive and deepen those partnerships to advance economic resilience, democratic stability, and citizen security.
A more integrated Middle East that empowers our allies and partners will advance regional peace and prosperity, while reducing the resource demands the region makes on the United States over the long term.
In Africa, the dynamism, innovation, and demographic growth of the region render it central to addressing complex global problems.
President Joe Biden presented America’s foreign policy manifesto in his speech to the United Nations 77th General Assembly in New York, asserting a world striving toward equity, shared progress, social, economic and environmental justice, just as he has endeavored to implement at home. He called out Russia, China and others for their human rights abuses, called for climate action, global health initiatives, food security, cooperation rather than competition on the technology advances to improve the lives of everyone. He called for diplomacy instead of conflict and a reaffirmation of the rule of law and the essential founding principles embodied in the United Nations Charter.
“So let’s stand together to again declare the unmistakable resolve that nations of the world are united still, that we stand for the values of the U.N. Charter, that we still believe by working together we can bend the arc of history toward a freer and more just world for all our children, although none of us have fully achieved it,” Biden declared. “We’re not passive witnesses to history; we are the authors of history. We can do this — we have to do it — for ourselves and for our future, for humankind.”
Here is an edited, highlighted transcript – Karen Rubin/news-photos-features.com
11:08 A.M. EDT
THE PRESIDENT: Thank you.
Mr. President, Mr. Secretary-General, my fellow leaders, in the last year, our world has experienced great upheaval: a growing crisis in food insecurity; record heat, floods, and droughts; COVID-19; inflation; and a brutal, needless war — a war chosen by one man, to be very blunt.
Russia’s Invasion of Ukraine
Let us speak plainly. A permanent member of the United Nations Security Council invaded its neighbor, attempted to erase a sovereign state from the map.
Russia has shamelessly violated the core tenets of the United Nations Charter — no more important than the clear prohibition against countries taking the territory of their neighbor by force.
Again, just today, President Putin has made overt nuclear threats against Europe and a reckless disregard for the responsibilities of the non-proliferation regime.
Now Russia is calling — calling up more soldiers to join the fight. And the Kremlin is organizing a sham referenda to try to annex parts of Ukraine, an extremely significant violation of the U.N. Charter.
This world should see these outrageous acts for what they are. Putin claims he had to act because Russia was threatened. But no one threatened Russia, and no one other than Russia sought conflict.
In fact, we warned it was coming. And with many of you, we worked to try to avert it.
Putin’s own words make his true purpose unmistakable. Just before he invaded, Putin asserted — and I quote — Ukraine was “created by Russia” and never had, quote, “real statehood.”
And now we see attacks on schools, railway stations, hospitals, wa- — on centers of Ukrainian history and culture.
In the past, even more horrifying evidence of Russia’s atrocity and war crimes: mass graves uncovered in Izyum; bodies, according to those that excavated those bodies, showing signs of torture.
This war is about extinguishing Ukraine’s right to exist as a state, plain and simple, and Ukraine’s right to exist as a people. Whoever you are, wherever you live, whatever you believe, that should not — that should make your blood run cold.
That’s why 141 nations in the General Assembly came together to unequivocally condemn Russia’s war against Ukraine.The United States has marshaled massive levels of security assistance and humanitarian aid and direct economic support for Ukraine — more than $25 billion to date.
Our allies and partners around the world have stepped up as well. And today, more than 40 countries represented in here have contributed billions of their own money and equipment to help Ukraine defend itself.
The United States is also working closely with our allies and partners to impose costs on Russia, to deter attacks against NATO territory, to hold Russia accountable for the atrocities and war crimes.
Because if nations can pursue their imperial ambitions without consequences, then we put at risk everything this very institution stands for. Everything.
Every victory won on the battlefield belongs to the courageous Ukrainian soldiers. But this past year, the world was tested as well, and we did not hesitate.
We chose liberty. We chose sovereignty. We chose principles to which every party to the United Nations Charter is beholding. We stood with Ukraine.
Like you, the United States wants this war to end on just terms, on terms we all signed up for: that you cannot seize a nation’s territory by force. The only country standing in the way of that is Russia.
So, we — each of us in this body who is determined to uphold the principles and beliefs we pledge to defend as members of the United Nations — must be clear, firm, and unwavering in our resolve.
Ukraine has the same rights that belong to every sovereign nation. We will stand in solidarity with Ukraine. We will stand in solidarity against Russia’s aggression. Period.
The US Will Defend Democracy
Now, it’s no secret that in the contest between democracy and autocracy, the United States — and I, as President — champion a vision for our world that is grounded in the values of democracy.
The United States is determined to defend and strengthen democracy at home and around the world. Because I believe democracy remains humanity’s greatest instrument to address the challenges of our time.
We’re working with the G7 and likeminded countries to prove democracies can deliver for their citizens but also deliver for the rest of the world as well.
Reaffirm the United Nations’ Founding Principles
But as we meet today, the U.N. Charter — the U.N. Charter’s very basis of a stable and just rule-based order is under attack by those who wish to tear it down or distort it for their own political advantage.
And the United Nations Charter was not only signed by democracies of the world, it was negotiated among citizens of dozens of nations with vastly different histories and ideologies, united in their commitment to work for peace.
As President Truman said in 1945, the U.N. Charter — and I quote — is “proof that nations, like men, can state their differences, can face them, and then can find common ground on which to stand.” End of quote.
That common ground was so straightforward, so basic that, today, 193 of you — 193 member states — have willingly embraced its principles. And standing up for those principles for the U.N. Charter is the job of every responsible member state.
I reject the use of violence and war to conquer nations or expand borders through bloodshed.
To stand against global politics of fear and coercion; to defend the sovereign rights of smaller nations as equal to those of larger ones; to embrace basic principles like freedom of navigation, respect for international law, and arms control — no matter what else we may disagree on, that is the common ground upon which we must stand.
If you’re still committed to a strong foundation for the good of every nation around the world, then the United States wants to work with you.
The UN Should Become More Inclusive
I also believe the time has come for this institution to become more inclusive so that it can better respond to the needs of today’s world.
Members of the U.N. Security Council, including the United States, should consistently uphold and defend the U.N. Charter and refrain — refrain from the use of the veto, except in rare, extraordinary situations, to ensure that the Council remains credible and effective.
That is also why the United States supports increasing the number of both permanent and non-permanent representatives of the Council. This includes permanent seats for those nations we’ve long supported and permanent seats for countries in Africa, Latin America, and the Caribbean.
The United States is committed to this vital work. In every region, we pursued new, constructive ways to work with partners to advance shared interests, from elevating the Quad in the Indo-Pacific; to signing the Los Angeles Declaration of Migration and Protection at the Summit of the Americas; to joining a historic meeting of nine Arab leaders to work toward a more peaceful, integrated Middle East; to hosting the U.S.-Africa Leaders’ Summit in — this December.
Relentless Diplomacy to Tackle Challenges
As I said last year, the United States is opening an era of relentless diplomacy to address the challenges that matter most to people’s lives — all people’s lives: tackling the climate crisis, as the previous speaker spoke to; strengthening global health security; feeding the world — feeding the world.
We made that priority. And one year later, we’re keeping that promise.
From the day I came to office, we’ve led with a bold climate agenda. We rejoined the Paris Agreement, convened major climate summits, helped deliver critical agreements on COP26. And we helped get two thirds of the world GDP on track to limit warming to 1.5 degrees Celsius.
And now I’ve signed a historic piece of legislation here in the United States that includes the biggest, most important climate commitment we have ever made in the history of our country: $369 billion toward climate change. That includes tens of billions in new investments in offshore wind and solar, doubling down on zero emission vehicles, increasing energy efficiency, supporting clean manufacturing.
Our Department of Energy estimates that this new law will reduce U.S. emissions by one gigaton a year by 2030 while unleashing a new era of clean-energy-powered economic growth.
Our investments will also help reduce the cost of developing clean energy technologies worldwide, not just the United States. This is a global gamechanger — and none too soon. We don’t have much time.
Climate Crisis
We all know we’re already living in a climate crisis. No one seems to doubt it after this past year. As we meet, much of Pakistan is still underwater; it needs help. Meanwhile, the Horn of Africa faces unprecedented drought.
Families are facing impossible choices, choosing which child to feed and wondering whether they’ll survive.
This is the human cost of climate change. And it’s growing, not lessening.
So, as I announced last year, to meet our global responsibility, my administration is working with our Congress to deliver more than $11 billion a year to international climate finance to help lower-income countries implement their climate goals and ensure a just energy transition.
The key part of that will be our [PREPARE] plan, which will help half a billion people, and especially vulnerable countries, adapt to the impacts of climate change and build resilience.
This need is enormous. So let this be the moment we find within ourselves the will to turn back the tide of climate devastation and unlock a resilient, sustainable, clean energy economy to preserve our planet.
Global Health
On global health, we’ve delivered more than 620 million doses of COVID-19 vaccine to 116 countries around the world, with more available to help meet countries’ needs — all free of charge, no strings attached.
And we’re working closely with the G20 and other countries. And the United States helped lead the change to establish a groundbreakingnew Fund for Pandemic Prevention, Preparedness, and Response at the World Bank.
At the same time, we’ve continued to advance the ball on enduring global health challenges.
Later today, I’ll host the Seventh Replenishment Conference for the Global Fund to Fight AIDS, Tuberculosis, and Malaria. With bipartisan support in our Congress, I have pledged to contribute up to $6 billion to that effort.
So I look forward to welcoming a historic round of pledges at the conference resulting in one of the largest global health fundraisers ever held in all of history.
Food Crisis
We’re also taking on the food crisis head on. With as many as 193 million people around the world experiencing acute — acute food insecurity — a jump of 40 million in a year — today I’m announcing another $2.9 billion in U.S. support for lifesaving humanitarian and food security assistance for this year alone.
Russia, in the meantime, is pumping out lies, trying to pin the blame for the crisis — the food crisis — onto sanctions imposed by many in the world for the aggression against Ukraine.
So let me be perfectly clear about something: Our sanctions explicitly allow — explicitly allow Russia the ability to export food and fertilizer. No limitation. It’s Russia’s war that is worsening food insecurity, and only Russia can end it.
I’m grateful for the work here at the U.N. — including your leadership, Mr. Secretary-General — establishing a mechanism toexport grain from Black Sea ports in Ukraine that Russia had blocked for months, and we need to make sure it’s extended.
We believe strongly in the need to feed the world. That’s why the United States is the world’s largest supporter of the World Food Programme, with more than 40 percent of its budget.
We’re leading support — we’re leading support of the UNICEF efforts to feed children around the world.
And to take on the larger challenge of food insecurity, the United States introduced a Call to Action: a roadmap eliminating global food insecurity — to eliminating global food insecurity that more than 100 nation member states have already supported.
In June, the G7 announced more than $4.5 billion to strengthen food security around the world.
Through USAID’s Feed the Future initiative, the United States is scaling up innovative ways to get drought- and heat-resistant seeds into the hands of farmers who need them, while distributing fertilizer and improving fertilizer efficiency so that farmers can grow more while using less.
And we’re calling on all countries to refrain from banning food exports or hoarding grain while so many people are suffering. Because in every country in the world, no matter what else divides us, if parents cannot feed their children, nothing — nothing else matters if parents cannot feed their children.
Rules of the Road for International Cooperation
As we look to the future, we’re working with our partners to update and create rules of the road for new challenges we face in the 21st century.
We launched the Trade and Technology Council with the European Union to ensure that key technologies — key technologies are developed and governed in the way that benefits everyone.
With our partner countries and through the U.N., we’re supporting and strengthening the norms of responsibility — responsible state behavior in cyberspace and working to hold accountable those who use cyberattacks to threaten international peace and security.
With partners in the Americas, Africa, Europe, and the Middle East, and the Indo-Pacific, we’re working to build a new economic ecosystem while — where every nation — every nation gets a fair shot and economic growth is resilient, sustainable, and shared.
That’s why the United States has championed a global minimum tax. And we will work to see it implemented so major corporations pay their fair share everywhere — everywhere.
It’s also been the idea behind the Indo-Pacific Economic Framework, which the United States launched this year with 13 other Indo-Pacific economies. We’re working with our partners in ASEAN and the Pacific Islands to support a vision for a critical Indo-Pacific region that is free and open, connected and prosperous, secure and resilient.
Together with partners around the world, we’re working to secure resilient supply chains that protect everyone from coercion or domination and ensure that no country can use energy as a weapon.
And as Russia’s war riles the global economy, we’re also calling on major global creditors, including the non-Paris Club countries, to transparently negotiate debt forgiveness for lower-income countriesto forestall broader economic and political crises around the world.
Instead of infrastructure projects that generate huge and large debt without delivering on the promised advantages, let’s meet the enormous infrastructure needs around the world with transparent investments — high-standard projects that protect the rights of workers and the environment — keyed to the needs of the communities they serve, not to the contributor.
That’s why the United States, together with fellow G7 partners, launched a Partnership for Global Infrastructure and Investment. We intend to collectively mobilize $600 billion in investment through this partnership by 2027.
Dozens of projects are already underway: industrial-scale vaccine manufacturing in Senegal, transformative solar projects in Angola, first-of-its-kind small modular nuclear power plant in Romania.
These are investments that are going to deliver returns not just for those countries, but for everyone. The United States will work with every nation, including our competitors, to solve global problems like climate change. Climate diplomacy is not a favor to the United States or any other nation, and walking away hurts the entire world.
Relations with China, Nations
Let me be direct about the competition between the United States and China. As we manage shifting geopolitical trends, the United States will conduct itself as a reasonable leader. We do not seek conflict. We do not seek a Cold War. We do not ask any nation to choose between the United States or any other partner.
But the United States will be unabashed in promoting our vision of a free, open, secure, and prosperous world and what we have to offer communities of nations: investments that are designed not to foster dependency, but to alleviate burdens and help nations become self-sufficient; partnerships not to create political obligation, but because we know our own success — each of our success is increased when other nations succeed as well.
When individuals have the chance to live in dignity and develop their talents, everyone benefits. Critical to that is living up to the highest goals of this institution: increasing peace and security for everyone, everywhere.
The United States will not waver in our unrelenting determination to counter and thwart the continuing terrorist threats to our world. And we will lead with our diplomacy to strive for peaceful resolution of conflicts.
We seek to uphold peace and stability across the Taiwan Straits.
We remain committed to our One China policy, which has helped prevent conflict for four decades. And we continue to oppose unilateral changes in the status quo by either side.
We support an African Union-led peace process to end the fight in Ethiopia and restore security for all its people.
In Venezuela, where years of the political oppression have driven more than 6 million people from that country, we urge a Venezuelan-led dialogue and a return to free and fair elections.
We continue to stand with our neighbor in Haiti as it faces political-fueled gang violence and an enormous human crisis.
And we call on the world to do the same. We have more to do.
We’ll continue to back the U.N.-mediated truce in Yemen, which has delivered precious months of peace to people that have suffered years of war.
And we will continue to advocate for lasting negotiating peace between the Jewish and democratic state of Israel and the Palestinian people. The United States is committed to Israel’s security, full stop. And a negotiated two-state solution remains, in our view, the best way to ensure Israel’s security and prosperity for the future and give the Palestinians the state which — to which they are entitled — both sides to fully respect the equal rights of their citizens; both people enjoying equal measure of freedom and dignity.
Nuclear Non-Proliferation
Let me also urge every nation to recommit to strengthening the nuclear non-proliferation regime through diplomacy. No matter what else is happening in the world, the United States is ready to pursue critical arms control measures. A nuclear war cannot be won and must never be fought.
The five permanent members of the Security Council just reaffirmed that commitment in January. But today, we’re seeing disturbing trends. Russia shunned the Non-Proliferation ideals embraced by every other nation at the 10th NPT Review Conference.
And again, today, as I said, they’re making irresponsible nuclear threats to use nuclear weapons. China is conducting an unprecedented, concerning nuclear buildup without any transparency.
Despite our efforts to begin serious and sustained diplomacy, the Democratic People’s Republic of Korea continues to blatantly violate U.N. sanctions.
And while the United States is prepared for a mutual return to the Joint Comprehensive Plan of Action if Iran steps up to its obligations, the United States is clear: We will not allow Iran to acquire a nuclear weapon.
I continue to believe that diplomacy is the best way to achieve this outcome. The nonproliferation regime is one of the greatest successes of this institution. We cannot let the world now slide backwards, nor can we turn a blind eye to the erosion of human rights.
Human Rights
Perhaps singular among this body’s achievements stands the Universal Declaration of Human Rights, which is the standard by which our forebears challenged us to measure ourselves.
They made clear in 1948: Human rights are the basis for all that we seek to achieve. And yet today, in 2022, fundamental freedoms are at risk in every part of our world, from the violations in Xinjiang detailed in recent reports by the Office of U.N. High Commissioner, to the horrible abuses against pro-democracy activists and ethnic minorities by the military regime in Burma, to the increased repression of women and girls by the Taliban in Afghanistan.
And today, we stand with the brave citizens and the brave women of Iran who right now are demonstrating to secure their basic rights.
But here’s what I know: The future will be won by those countries that unleash the full potential of their populations, where women and girls can exercise equal rights, including basic reproductive rights, and contribute fully to building a stronger economies and more resilient societies; where religious and ethnic minorities can live their lives without harassment and contribute to the fabric of their communities; where the LGBTQ+ community individuals live and love freely without being targeted with violence; where citizens can question and criticize their leaders without fear of reprisal.
The United States will always promote human rights and the values enshrined in the U.N. Charter in our own country and around the world.
Let me end with this: This institution, guided by the U.N. Charter and the Universal Declaration of Human Rights, is at its core an act of dauntless hope.
Let me say that again: It’s an act of dauntless hope.
Think about the vision of those first delegates who undertook a seemingly impossible task while the world was still smoldering.
Think about how divided the people of the world must have felt with the fresh grief of millions dead, the genocidal horrors of the Holocaust exposed.
They had every right to believe only the worst of humanity. Instead, they reached for what was best in all of us, and they strove to build something better: enduring peace; comity among nations; equal rights for every member of the human family; cooperation for the advancement of all humankind.
My fellow leaders, the challenges we face today are great indeed, but our capacity is greater. Our commitment must be greater still.
So let’s stand together to again declare the unmistakable resolve that nations of the world are united still, that we stand for the values of the U.N. Charter, that we still believe by working together we can bend the arc of history toward a freer and more just world for all our children, although none of us have fully achieved it.
We’re not passive witnesses to history; we are the authors of history.
We can do this — we have to do it — for ourselves and for our future, for humankind.
Thank you for your tolerance, for listening to me. I appreciate it very much. God bless you all. (Applause.)
Here is an edited, highlighted transcript of President Joe Biden’s remarks as he signed the Inflation Reduction Act, with historic investments in climate action, long-fought improvements in health care and prescription drug affordability, tax reform and deficit reduction, and in the immortal words of Biden as Obama’s VP, a “BFD.”–Karen Rubin/news-photos-features.com
President Joe Biden signs the historic, transformative Inflation Reduction Act, saying “It’s about tomorrow. It’s about delivering progress and prosperity to American families.” The act makeshistoric investments in climate action, long-fought improvements in health care and prescription drug affordability, tax reform and deficit reduction, and in the immortal words of Biden as Obama’s VP, a “BFD.” (via C-Span)
I’m about to sign the Inflation Reduction Act into law, one of the most significant laws in our history. Let me say from the start: With this law, the American people won and the special interests lost. The American people won and the special interests lost.
For a while, people doubted whether any of that was going to happen. But we are in a season of substance. This administration began amid a dark time in America — as Jim said, “a once-in-a-century pandemic” — devastating joblessness, clear and present threats to democracy and the rule of law, doubts about America’s future itself.
And yet, we’ve not wavered. We’ve not flinched. And we’ve not given in. Instead, we’re delivering results for the American people. We didn’t tear down; we built up. We didn’t look back; we looked forward.
And today — today offers further proof that the soul of America is vibrant, the future of America is bright, and the promise of America is real and just beginning. (Applause.)
Look, the bill I’m about to sign is not just about today, it’s about tomorrow. It’s about delivering progress and prosperity to American families.
It’s about showing the American and the American people that democracy still works in America — notwithstanding all the — all the talk of its demise — not just for the privileged few, but for all of us.
You know, I swore an oath of office to you and to God to faithfully execute the duties of this sacred office.
To me, the critical duty — the critical duty of the presidency is to defend what is best about America. And that’s not hyperbole. Defend what’s best about America. To pursue justice, to ensure fairness, and to deliver results that create possibilities — possibilities that all of us — all of us can live a life of consequence and prosperity in a nation that’s safe and secure. That’s the job.
Fulfilling that pledge to you guides me every single hour of every single day in this job.
You know, presidents should be judged not only by our words, but by our deeds; not by our rhetoric, but by our actions; not by our promise, but by reality.
And today is part of an extraordinary story that’s being written by this administration and our brave allies in the Congress.
This law — this law that I’m about to sign finally delivers on a promise that Washington has made for decades to the American people.
I got here as a 29-year-old kid. We were promising to make sure that Medicare would have the power to negotiate lower drug prices back then — back then — prescription drug prices.
But guess what? We’re giving Medicare the power to negotiate those prices now, on some drugs.
This means seniors are going to pay less for their prescription drugs while we’re changing circumstances for people on Medicare by putting a cap — a cap of a maximum of $2,000 a year on their prescription drug costs, no matter what the reason for those prescriptions are.
That means if you’re on Medicare, you’ll never have to pay more than $2,000 a year no matter how many prescriptions you have, whether it’s for cancer or any other disease. No more than $2,000 a year.
And you all know it because a lot of you come from families that need this. This is a Godsend. This is a Godsend to many families and so, so long overdue.
The Inflation Reduction Act locks in place lower healthcare premiums for millions of families who get their coverage under the Affordable Care Act.
Last year, a family of four saved on average $2,400 through the American Rescue Plan that I signed into law that Congress voted in place.
In the years ahead, thanks to the Inflation Reduction Act, 13 million people are going to continue — continue to save an average of $800 a year on health insurance.
The Inflation Reduction Act invests $369 billion to take the most aggressive action ever — ever, ever, ever — in confronting the climate crisis and strengthening our economic — our energy security.
It’s going to offer working families thousands of dollars in savings by providing them rebates to buy new and efficient appliances, weatherize their homes, get tax credit for purchasing heat pumps and rooftop solar, electric stoves, ovens, dryers.
It gives consumers a tax credit to buy electric vehicles or fuel cell vehicles, new or used. And it gives them a credit — a tax credit of up to $7,500 if those vehicles were made in America.
American auto companies, along with American labor, are committing their treasure and their talent — billions of dollars in investment — to make electric vehicles and battery and electric charging stations all across America, made in America. All of it made in America.
This new law also provides tax credits that’s going to create tens of thousands of good-paying jobs and clean energy manufacturing jobs, solar factories in the Midwest and the South, wind farms across the plains and off our shores, clean hydrogen projects and more — all across America, every part of America.
This bill is the biggest step forward on climate ever — ever — and it’s going to allow us to boldly take additional steps toward meeting all of my climate goals — the ones we set out when we ran.
It includes ensuring that we create clean energy opportunities in frontline and fence-line communities that have been smothered — smothered by the legacy of pollution, and fight environmental injustice that’s been going on for so long.
And here’s another win for the American people: In addition to cutting the deficit by $350 billion last year, in my first year in office, and cutting it $1.7 trillion this year, this fiscal year, we’re going to cut the deficit — I point out — by another $300 billion with the Inflation Reduction Act over the next decade.
We’re cutting deficit to fight inflation by having the wealthy and big corporations finally begin to pay part of their fair share.
Big corporations will now pay a minimum 15 percent tax instead of 55 of them got away with paying zero dollars in federal income tax on $40 billion in profit.
And I’m keeping my campaign commitment: No one — let me emphasize — no one earning less than $400,000 a year will pay a penny more in federal taxes. (Applause.)
Folks, the Inflation Reduction Act does so many things that, for so many years, so many of us have fought to make happen.
And let’s be clear: In this historic moment, Democrats sided with the American people, and every single Republican in the Congress sided with the special interests in this vote — every single one.
In fact, the big drug companies spent nearly $100 million to defeat this bill. A hundred million dollars.
And remember: Every single Republican in Congress voted against this bill.
Every single Republican in Congress voted against lowering prescription drug prices, against lowering healthcare costs, against a fairer tax system.
Every single Republican — every single one — voted against tackling the climate crisis, against lowering our energy costs, against creating good-paying jobs.
My fellow Americans, that’s the choice we face: We can protect the already-powerful or show the courage to build a future where everybody has an even shot.
That’s the America I believe in. (Applause.) That’s what I believe in.
And today — and today, we’ve come a step closer to making that America real.
Today, too often we confuse noise with substance. Too often we confuse setbacks with defeat. Too often we hand the biggest microphone to the critics and the cynics who delight in declaring failure while those committed to making real progress do the hard work of governing.
Making progress in this country as big and complicated as ours clearly is not easy. It’s never been easy.
But with unwavering conviction, commitment, and patience, progress does come…
And when it does, like today, people’s lives are made better and the future becomes brighter, and a nation can be transformed.
That’s what’s happening now. From the American Rescue Plan that helped create nearly 10 million new jobs, to a once-in-a-generation infrastructure law that will rebuild America’s roads, bridges, ports; deliver clean water, high-speed Internet to every American; to the first meaningful gun safety law in 30 years — and if I have anything to do with it, we’re still going to have an assault weapons ban, but that’s another story. And to get significant veterans’ healthcare law in decades, for the first time; to a groundbreaking CHIPS and Science Law that’s going to ensure that technologies and jobs of the future are made here in America — in America.
(Applause.)
And all this progress is part of our vision and plan and determined effort to get the job done for the American people, so they can look their child in the eye and say, “Honey, it’s going to be okay. Everything is going to be okay.”
Everything is going to make sure that democracy delivers for your generation. Because I think that’s at stake.
And, now, I know there are those here today who hold a dark and despairing view of this country. I’m not one of them.
I believe in the promise of America. I believe in the future of this country. I believe in the very soul of this nation. And most of all, I believe in you, the American people.
I believe to my core there isn’t a single thing this country cannot do when we put our mind to it. We just have to remember who we are. We are the United States of America.
There is nothing nothing beyond our capacity. That’s why so many foreign companies decided to invest their — make chips in America. Billions of dollars. We’re the best. We have to believe in ourselves again.
And now I’m going to take action that I’ve been looking forward to doing for 18 months. (Laughter and applause.) I’m going to sign the Inflation Reduction Law. (Applause.)
President Joe Biden reacted to the June inflation report saying that while inflation is still unacceptably high, the report is out-of-date, failing to take into account that gas prices – which accounts for a significant amount of the inflation rate – have gone down for nearly 30 days, reducing the price at the pump by 40 cents since mid-June. Still, he said, “inflation is our most pressing economic challenge,” just as it is around the world. Here is his statement the June CPI Inflation report as provided by the White House:
While today’s headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.
Importantly, today’s report shows that what economists call annual “core inflation” came down for the third month in a row, and is the first month since last year where the annual “core” inflation rate is below six percent. Inflation is our most pressing economic challenge. It is hitting almost every country in the world. It is little comfort to Americans to know that inflation is also high in Europe, and higher in many countries there than in America. But it is a reminder that all major economies are battling this COVID-related challenge, made worse by Putin’s unconscionable aggression.
Tackling inflation is my top priority – we need to make more progress, more quickly, in getting price increases under control. Here is what I will do:
First, I will continue to do everything I can to bring down the price of gas. I will continue my historic release of oil from our strategic petroleum reserve. I will continue working with our European allies to put a price cap on Russian oil – sapping Putin of oil revenue. And, I will continue to work with the U.S. oil and gas industry to increase production responsibly — already, the U.S. is producing 12.1 million barrels of oil per day and is on track to break records.
But I will also continue to insist – as I have with urgency recently – that reductions in the price of oil must produce lower gas prices for consumers at the pump. The price of oil is down about 20% since mid-June, but the price of gas has so far only fallen half as much. Oil and gas companies must not use this moment as an excuse for profiting by not passing along savings at the pump.
Second, I will urge Congress to act, this month, on legislation to reduce the cost of everyday expenses that are hitting American families, from prescription drugs to utility bills to health insurance premiums and to make more in America.
Third, I will continue to oppose any efforts by Republicans – as they have proposed during this campaign year — to make things worse by raising taxes on working people, or putting Social Security and Medicare on the chopping block every five years.
Finally, I will continue to give the Federal Reserve the room it needs to help it combat inflation.
I find it infuriating that the “news” is completely taken over by the latest travesties by Trump, Putin and Supreme Court, fueling anger and cynicism among Democrats and Progressives who may well take their anger out at the polls and simply not vote – that, I would remind you, is how we got Trump and this Christo Fascist Supreme Court. Biden Administration not doing anything on climate change? Inflation? Health care? Nonsense. This administration has been incredibly productive – finding real solutions, not bandaids, rhetoric and hype, that have at their foundation a sense of equity, sustainability and social justice. Want to solve inflation? Not by the Keystone Pipeline or overturning coal plant rules, but investing in EV infrastructure, as Biden wants to do. But you wouldn’t know it from the media, social or otherwise. It is our practice, then, to publish first-hand accounts from the White House, federal agencies and officials. –Karen Rubin/news-photos-features.com
Today’s clean energy technologies are a critical part of the arsenal we must harness to lower energy costs for families, reduce risks to our power grid, and tackle the urgent crisis of a changing climate. From day one, President Biden has mobilized investment in these critical technologies. Thanks to his clean energy and climate agenda, last year marked the largest deployment of solar, wind, and batteries in United States history, and our nation is now a magnet for investment in clean energy manufacturing.
Since President Biden took office, the private sector has committed over $100 billion in new private capital to make electric vehicles and batteries in the United States. We have made historic investments in clean hydrogen, nuclear, and other cutting-edge technologies. And companies are investing billions more to grow a new domestic offshore wind industry.
We are also now on track to triple domestic solar manufacturing capacity by 2024. The expansions to domestic solar manufacturing capacity announced since President Biden took office will grow the current base capacity of 7.5 gigawatts by an additional 15 gigawatts. This would total 22.5 gigawatts by the end of his first term – enough to enable more than 3.3 million homes to switch to clean solar energy each year.
While President Biden continues pushing Congress to pass clean energy investments and tax cuts, he is taking bold action to rapidly build on this progress and create a bridge to this American-made clean energy future. Today, President Biden is taking action to:
Authorize use of the Defense Production Act (DPA) to accelerate domestic production of clean energy technologies, including solar panel parts;
Put the full power of federal procurement to work spurring additional domestic solar manufacturing capacity by directing the development of master supply agreements, including “super preference” status; and
Create a 24-month bridge as domestic manufacturing rapidly scales up to ensure the reliable supply of components that U.S. solar deployers need to construct clean energy projects and an electric grid for the 21st century, while reinforcing the integrity of our trade laws and processes.
Together, these actions will spur domestic manufacturing, construction projects, and good-paying jobs – all while cutting energy costs for families, strengthening our grid, and tackling climate change and environmental injustice. With a stronger clean energy arsenal, the United States can be an even stronger partner to our allies, especially in the face of Putin’s war in Ukraine.
The stakes could not be higher. That is why President Biden also continues to urge Congress to quickly pass tax cuts and additional investments that advance U.S. clean energy manufacturing and deployment. Failing to take these actions would deny consumers access to cost-cutting clean energy options, add risks to our power grid, and stall domestic clean energy construction projects that are critical to tackling the climate crisis. At the same time, President Biden will keep using his executive authority to take bold action to build an American-made clean energy future.
INVOKING THE DEFENSE PRODUCTION ACT FOR CLEAN ENERGY
Today, President Biden is authorizing the use of the Defense Production Act (DPA) to accelerate domestic production of clean energy technologies – unlocking new powers to meet this moment. Specifically, the President is authorizing the Department of Energy to use the DPA to rapidly expand American manufacturing of five critical clean energy technologies:
Solar panel parts like photovoltaic modules and module components;
Building insulation;
Heat pumps, which heat and cool buildings super efficiently;
Equipment for making and using clean electricity-generated fuels, including electrolyzers, fuel cells, and related platinum group metals; and
Critical power grid infrastructure like transformers.
In deploying the DPA, the Biden-Harris Administration will strongly encourage the use of strong labor standards, including project labor agreements and community benefits agreements that offer wages at or above the prevailing rate and include local hire provisions. The Administration also will strongly encourage projects with environmental justice outcomes that empower the clean energy transition in low-income communities historically overburdened by legacy pollution.
Following this announcement, the White House and the Department of Energy will convene relevant industry, labor, environmental justice, and other key stakeholders as we maximize the impact of the DPA tools made available by President Biden’s actions and strengthen domestic clean energy manufacturing.
BOOSTING MADE-IN-AMERICA CLEAN ENERGY WITH FEDERAL PROCUREMENT
President Biden is also putting the full power of federal procurement to work spurring additional domestic solar manufacturing capacity. Today, the President directed the development of two innovative tools to accelerate Made-in-America clean energy:
Master Supply Agreements for domestically manufactured solar systems to increase the speed and efficiency with which domestic clean electricity providers can sell their products to the U.S. Government; and
So-called “Super Preferences” to apply domestic content standards for federal procurement of solar systems, including domestically manufactured solar photovoltaic components, consistent with the Buy American Act.
These federal procurement measures can stimulate demand for up to a gigawatt of domestically produced solar modules in the near term, and up to 10 gigawatts over the next decade from U.S. government demand alone. To further increase the impact of these actions, the Administration will also partner with state and local governments and municipal utilities in these innovative arrangements – increasing the potential market impact over the next decade to as much as over 100 gigawatts. These procurement actions will provide a significant demand anchor for a revitalized domestic solar manufacturing industry.
SUPPORT FOR U.S. GRID-STRENGTHENING, CLEAN ENERGY CONSTRUCTION PROJECTS
Because of private investor confidence in President Biden’s leadership and our national commitment to a clean energy future, the United States is now on track to triple its solar manufacturing capacity by 2024. The expansions to domestic solar manufacturing capacity announced since the President took office will grow the current 7.5 gigawatts of capacity by an additional 15 gigawatts of capacity, for a total of 22.5 gigawatts by the end of his first term – enough to enable more than 3.3 million homes to switch to clean solar energy every year. To rapidly build on this progress and create a bridge to this American-made clean energy future, we need to boost short-term solar panel supply to support construction projects in the United States right now. This is because grid operators around the country are relying on planned solar projects to come online to ensure there is sufficient power to meet demand, and to ensure we can continue to deploy solar at the rates needed to keep us on track to meet the President’s climate goals.
Today, President Biden is using his powers to create a 24-month bridge for certain solar imports while reinforcing the integrity of our trade laws and processes. Specifically, the President is:
Temporarily facilitating U.S. solar deployers’ ability to source solar modules and cells from Cambodia, Malaysia, Thailand, and Vietnam by providing that those components can be imported free of certain duties for 24 months in order to ensure the U.S. has access to a sufficient supply of solar modules to meet electricity generation needs while domestic manufacturing scales up; and
Reinforcing his commitment to safeguarding the integrity and independence of all ongoing trade investigations by career officials at the Department of Commerce and recognizing the vital role these processes play in strengthening our economy.
ADDITIONAL STEPS TO CUT COSTS, SUPPORT GOOD-PAYING JOBS, AND ADVANCE ENVIRONMENTAL JUSTICE
Today’s actions build on this Administration’s existing initiatives to grow domestic clean energy innovation and manufacturing and to lower energy costs for Americans, including:
Permitting More Clean Energy on Public Lands. As part of the Biden-Harris Permitting Action Plan, a new five-agency collaboration is expediting reviews of clean energy projects on public lands through the Department of the Interior, helping us race ahead toward permitting at least 25 gigawatts by 2025 – enough to power around five million homes. These actions have already increased clean energy permitting activities by 35 percent, including major solar project approvals and leases. We have also launched five new Renewable Energy Coordination Offices and reduced rents and fees by more than 50 percent for solar and wind projects on public lands.
Boosting Community-Based Clean Energy in Cities and Rural Areas. The Biden-Harris Administration is helping 17 local communities remove red tape with the SolarAPP+ online tool to enable same-day approvals for residential solar installation permits, and an additional 400 interested communities are in the pipeline. The National Climate Task Force launched new initiatives on increasing deployment of Distributed Energy Resources, including rooftop solar, with a focus on bringing the benefits of these projects to underserved communities. The United States Department of Agriculture provided the largest-ever investment in rural renewable energy last year. In addition, the Department of Energy and the Department of Health and Human Services are partnering to develop and pilot a digital platform that will connect customers who are eligible for the Low Income Home Energy Assistance Program with community solar subscriptions, to further reduce customer energy costs. Likewise, the U.S. Department of Housing and Urban Development is working with municipalities to enable residents of affordable housing to directly benefit from low-cost community solar power without seeing a rent increase or adjustment to their utility allowance.
Supporting a Diverse Solar Workforce with Good-Paying Jobs, including pathways to stable careers with the free and fair choice to join a union. Solar industry jobs consistently rank among the top fastest-growing in the nation, and many require only a high school education or GED. The Economic Development Administration recently awarded funding to support solar employment training in tribal and coal-impacted communities. In addition, the Department of Energy has issued a Request for Information and hosted six workshops to determine common goals and needs from stakeholders, including industry, unions, and training organizations. DOE will continue to explore these issues, including by providing funding, new collaborations with industry, other federal agencies, and state-based job boards to develop equitable worker-centric training and education programs, work-based learning opportunities, and support services such as career counseling, mentorship, and job readiness programs.
Developing Clean Energy Domestic Manufacturing for Export and Building Capacity in Allied Nations. The Export-Import Bank of the United States (EXIM) Make More in America Initiative, approved by the EXIM board in April, will prioritize investments to expand clean energy manufacturing. The U.S. International Development Finance Corporation supports building resilient clean energy manufacturing supply chains in allied nations around the world, reducing global dependence on China.
Investing in Clean Energy for Resilience in Puerto Rico: The Biden-Harris Administration joined forces with the Commonwealth of Puerto Rico to advance dozens of solar energy projects that will enable Puerto Rico to meet its target of 100% renewable electricity, while improving power sector resilience and increasing access to more affordable energy and cleaner air.
The Biden Administration is justifiably touting a $1.3 trillion decrease in the budget deficit – the largest one-year decline in U.S. history – to demonstrate the success of its fiscal policies, and particularly, its success in getting control of the coronavirus pandemic and justifying its FY2023 budget proposal. Here’s a statement from the White House:
When the President took office, the pandemic was raging in communities across the country and our economy was struggling to recover from the most severe downturn since the Great Depression. The economy shrunk, and the unemployment rate stood at 6.4 percent. And, the deficit had risen to $3.1 trillion in 2020—yet with trillions in resources, the Trump Administration didn’t secure vaccines for all Americans, most schools were closed, and testing and medical equipment shortages continued.
Even before the pandemic, the Trump tax cuts had added $2 trillion to deficits over a decade. The deficit increased every year of the previous administration.
Unlike his predecessor, President Biden prioritized fiscal responsibility. In the face of the extraordinary challenges he inherited, the President made clear that bold action was needed to jumpstart the economic recovery. He knew that robust investment to change the course of the pandemic and support workers, families, and small businesses was not only the right strategy to build a stronger economy, but also to decrease the deficit. A strong economic recovery would result in less emergency spending and drive future deficits down. In March 2021, he signed into law the historic American Rescue Plan.
The President’s Budget shows that this strategy paid off. The strongest economic growth in four decades, powered by the American Rescue Plan, has also contributed to a historic decline in the deficit—by fueling strong revenue growth and allowing the Administration to responsibly phase down emergency pandemic-related spending. The President’s Budget projects that the deficit in 2022 will be more than $1.3 trillion lower than last year’s—the largest ever one-year decline in our country’s history. It will be less than half of the 2020 deficit the President inherited.
The President is now working to build on that progress and further reduce the deficit by reforming the tax system so that corporations and the wealthiest Americans pay their fair share. As the Budget shows, with these reforms, we can cut costs for families, continue growing the economy from the bottom up and middle out, and put America on a sound fiscal course for the future—shrinking the deficit the President inherited by two-thirds as a share of the economy.
President Biden’s Strategy to Combat the Pandemic and Jumpstart the Economy is Driving Down Deficits
Thanks to the American Rescue Plan and the President’s strategy to control the pandemic, in 2021 our economy grew at 5.7 percent, the fastest rate in nearly 40 years. We created more than 6.5 million jobs, the most our country has ever recorded in a single year. The unemployment rate has dropped to 3.8 percent, lower than the Congressional Budget Office had projected in its pre-American Rescue Plan baseline at any point over the next decade. And between the start and the end of 2021, we went from about 41,000 to more than 200 million Americans vaccinated, and from most schools closed to 99 percent of schools are open for in-person learning.
The Administration’s economic success and success in controlling the pandemic is lowering the deficit in two ways.
First, because of the historic pace of our economic and labor market recovery, the economy no longer needs the kind of emergency support it received last year. With businesses open and people back at work, the Federal Government will spend about $1 trillion less on pandemic and economic support in 2022 than in 2021. That includes hundreds of billions of dollars less support to businesses, which are now making investments and creating jobs without the need for help. Likewise, after historic drops in both the overall unemployment rate and the long-term unemployment rate—the share of people out of work for more than six months—we no longer need emergency unemployment assistance, and ongoing Unemployment Insurance claims are at their lowest level since 1970.
Second, a stronger economy means higher incomes for households and higher earnings for businesses. Because of this economic progress, the government is projected to collect more than $300 billion in additional revenues compared to last year, a nearly 10 percent increase.
The President’s Budget Continues to Lower Deficits
Even before the pandemic, the Trump Administration added $2 trillion to deficits over 10 years through tax cuts that largely helped wealthy people and large corporations. President Biden believes in a different approach: growing the economy from the middle out, not the top down, and paying for all new investments by ensuring that the wealthiest Americans and large corporations pay their fair share.
As he made clear in his State of the Union address, the President is committed to working with Congress to enact legislation that lowers costs for American families, expands the productive capacity of the American economy, and further reduces the deficit: by reducing prescription drug costs and fixing the tax code to ensure corporations and wealthy people pay the taxes they already owe and close loopholes they exploit.
The President’s FY 2023 Budget also proposes additional smart, targeted investments designed to spur durable economic growth, create jobs, reduce cost pressures, and foster shared prosperity—while more than fully offsetting their cost. The Budget reduces deficits by more than $1 trillion over the next 10 years.
Under the Budget policies, deficits as a share of the economy would fall to less than one-third of the 2020 level the President inherited. Overall, the Budget details an economically and fiscally responsible path forward—addressing the long-term fiscal challenges facing our country while making investments that will produce stronger economic growth and broadly shared prosperity for generations to come.
This is President Joe Biden’s statement about his FY2023 budget proposal:
Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America.
My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history. That’s the direct result of my Administration’s strategy to get the pandemic under control and grow the economy from the bottom up and the middle out. We spent less money than the last Administration and got better results: strong economic growth, which has increased revenues and allowed us to responsibly scale back emergency spending. My budget will continue that progress, further reducing the deficit by continuing to support the economic growth that has increased revenues and ensuring that billionaires and large corporations pay their fair share.
At the same time, my budget will make investments in securing our nation and building a better America. We will secure our communities by putting more police on the street to engage in accountable community policing, hiring the agents needed to help fight gun crime, and investing in crime prevention and community violence intervention.
I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world. In addition, I’m calling for continued investment to forcefully respond to Putin’s aggression against Ukraine with US support for Ukraine’s economic, humanitarian, and security needs.
My budget also makes the investments needed to reduce costs for families and make progress on my Unity Agenda – including investments to cut the costs of child care and health care; help families pay for other essentials; end cancer as we know it; support our veterans; and get all Americans the mental health services they need.
All told, it is a budget that includes historic deficit reduction, historic investments in our security at home and abroad, and an unprecedented commitment to building an economy where everyone has a chance to succeed.
And here’s what in the Biden budget:
FACT SHEET: The President’s Budget for Fiscal Year 2023
Under the President’s leadership, America is on the move again. We created more than 6.5 million jobs in 2021, the most our country has ever recorded in a single year. Our economy grew at 5.7 percent, the strongest growth in nearly 40 years. And the unemployment rate has fallen to 3.8 percent, the fastest decline in recorded history. At the same time, the deficit fell last year—by around $300 billion. This progress was a direct result of the President’s strategy to grow the economy from the bottom up and the middle out and his effective management of the American Rescue Plan—a strategy that was built on smart, fiscally prudent investments that helped jumpstart our economy.
As our historic economic and labor market recovery continues, the President’s Budget projects that the deficit in 2022 will be more than $1.3 trillion lower than last year’s—the largest ever one-year decline in our country’s history. The strongest economic growth in four decades, powered by the American Rescue Plan, has also contributed to a historic decline in the deficit—by fueling strong revenue growth and allowing the Administration to responsibly phase down emergency pandemic-related spending.
Today, the President released a Budget that details his vision to expand on our economic and fiscal progress—investing in our economy and our people while cutting deficits, improving our country’s long-term fiscal outlook, and keeping the economic burden of debt low.
As he made clear in his State of the Union address, the President is committed to working with Congress to enact legislation that lowers costs for American families, expands the productive capacity of the American economy, and further reduces the deficit: by reducing prescription drug costs and fixing the tax code to ensure corporations and wealthy people pay the taxes they already owe and close loopholes they exploit.
The President’s FY 2023 Budget also proposes additional smart, targeted investments designed to spur durable economic growth, create jobs, reduce cost pressures, and foster shared prosperity. These investments are more than fully paid-for through tax reforms that ensure corporations and the wealthiest Americans pay their fair share, while also fulfilling the President’s ironclad promise that no one earning less than $400,000 per year will pay an additional penny in new taxes. Overall, the Budget reduces deficits by more than $1 trillion over the next 10 years and deficits under the Budget policies would fall to less than one-third of the 2020 level the President inherited.
The Budget improves our country’s long-term fiscal outlook while also delivering on the ambitious agenda the President laid out in his State of the Union address—to build a better America, reduce costs for families, advance equity, and grow our economy from the bottom up and the middle out. It proposes significant new investments in proven strategies to reduce gun crime and keep our communities safe. It makes additional investments in the American people that will help lay a stronger foundation for shared growth and prosperity. It advances a bipartisan unity agenda through proposals to take on the mental health crisis, combat the opioid epidemic, support our veterans, and accelerate progress against cancer. And during what will be a decisive decade, it strengthens our military and leverages America’s renewed strength at home to meet pressing global challenges, deepen partnerships and alliances, and manage crises as they arise.
PUTTING THE NATION ON A SOUND FISCAL AND ECONOMIC COURSE
The Budget proposes smart, targeted, fully-offset investments while also cutting deficits, improving our country’s long-term fiscal outlook, and keeping the economic burden of debt low. The Budget’s investments are more than paid for with tax reforms focused on making sure the rich and the largest corporations pay their fair share, reducing deficits by over $1 trillion over the next 10 years.
Proposes a New Minimum Tax on Billionaires. The tax code currently offers special treatment for the types of income that wealthy people enjoy. This special treatment, combined with sophisticated tax planning and giant loopholes, allows many of the very wealthiest people in the world to end up paying a lower tax rate on their full income than many middle-class households. To finally address this glaring problem, the Budget includes a minimum tax on multi-millionaires and billionaires who so often pay indefensibly low tax rates. This minimum tax would apply only to the wealthiest 0.01 percent of households—those with more than $100 million—and over half the revenue would come from billionaires alone. It would ensure that, in any given year, they pay at least 20 percent of their total income in Federal income taxes.
Ensures Corporations Pay Their Fair Share. The Budget also includes an increase to the rate that corporations pay in taxes on their profits. Corporations received an enormous tax break in 2017. While their profits have soared, their investment in our economy did not: the tax breaks did not trickle down to workers or consumers. Instead of allowing some of the most profitable corporations in the world to avoid paying their fair share, the Budget raises the corporate tax rate to 28 percent, still the lowest tax rate faced by corporations since World War II except in the years after the 2017 tax cut. This increase is complemented by other changes to the corporate tax code that incentivize job creation and investment in the United States and ensure that large corporations pay their fair share.
Prevents Multinational Corporations from Using Tax Havens to Game the System. For decades, American workers and taxpayers have paid the price for a tax system that has rewarded multinational corporations for shipping jobs and profits overseas. Last year, the Administration rallied more than 130 countries to agree to a global minimum tax that will ensure that profitable corporations pay their fair share and will incentivize U.S. multinationals to create jobs and invest in the United States. The Budget contains additional measures to ensure that multinationals operating in the United States cannot use tax havens to undercut the global minimum tax.
Advancing Legislation to Lower Costs, Reduce the Deficit, and Expand Productive Capacity
The President is committed to working with Congress to sign legislation that lowers costs for American families, reduces the deficit, and expands the productive capacity of the American economy. That means cutting costs for prescription drugs, healthcare premiums, child care, long-term care, housing, and college; reducing energy costs by combatting climate change and accelerating the transition to a clean energy economy; supporting families by providing access to free, high-quality preschool, up to two years of free community college, nutritious food at school and resources to purchase food over the summer months, and paid family and medical leave and by continuing the enhanced Child Tax Credit and Earned Income Tax Credit; and providing health coverage to millions of uninsured Americans. The President believes these proposals must be paired with reforms that ensure corporations and the wealthiest Americans pay their fair share, including ensuring that they pay the taxes they already owe.
Because discussions with Congress continue, the President’s Budget includes a deficit neutral reserve fund to account for a future agreement, preserving the revenue from tax and prescription drug reforms the President proposed last year for this legislation for the investments needed to bring down costs for American families and expand our productive capacity.
BUILDING A BETTER AMERICA
The Budget includes smart, targeted investments in the American people that will help build a better America. It will keep our communities safe and combat violent crime; promote job creation and expand the productive capacity of our economy; improve our public health infrastructure; ensure America leads the world in combating the climate crisis; and advance equity and opportunity for all. It strengthens our military and leverages America’s renewed strength at home to meet pressing global challenges, deepen partnerships and alliances, and manage crises as they arise.
Combating Crime to Keep Our Communities Safe
Puts More Police Officers on the Beat. The Budget provides $3.2 billion in discretionary resources for State and local grants, and $30 billion in mandatory resources to support law enforcement, crime prevention, and community violence intervention, including putting more officers for community policing on the beat across the Nation.
Provides More Tools to Tackle Gun Violence. The Budget provides $1.7 billion for the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) to expand multijurisdictional gun trafficking strike forces with additional personnel, increase regulation of the firearms industry, enhance ATF’s National Integrated Ballistic Information Network, and modernize the National Tracing Center.
Increases Federal Law Enforcement Capacity to Combat Violent Crime. Under the President’s Budget, key Federal law enforcement agencies like the FBI and U.S. Marshals Service will have the resources they need fight violent crime, including through fugitive apprehension and enforcement operations. The Budget also ensures U.S. Attorneys have the necessary support to prosecute violent crimes.
Strengthens Civil Rights Enforcement. The Budget makes important investments to support law enforcement while addressing longstanding inequities and strengthening civil rights protections. The Budget invests $367 million, an increase of $101 million over the 2021 enacted level, at the Department of Justice to support police reform, the prosecution of hate crimes, enforcement of voting rights, and efforts to provide equitable access to justice.
Supports Criminal Justice System Reform. The Budget includes $100 million for a historic multi-agency collaboration to provide comprehensive workforce development services to people in the Federal prison system and proposes $106 million to support the deployment of body-worn cameras to DOJ’s law enforcement officers.
Promoting Job Creation, Reducing Cost Pressures, and Boosting Productive Capacity
Increases Affordable Housing Supply. In communities throughout the country, rents are skyrocketing and homeownership is becoming increasingly out of reach. This strains family budgets and holds back our economy – making it harder for workers to afford to live near good jobs and good transportation options. To address the critical shortage of affordable housing in communities throughout the Nation, the Budget proposes $50 billion for housing construction and supply – addressing existing market gaps and helping to stabilize housing prices over the long-term. This includes funding, via the Department of Housing and Urban Development, for state and local housing finance agencies and their partners to provide grants, revolving loan funds, and other streamlined financing tools to boost housing supply, with a particular focus on housing types that have traditionally been difficult to finance using existing Federal financing but have the potential to boost supply and density in supply-constrained communities. The Budget also includes grants to advance and reward state and local jurisdictions’ efforts to remove barriers to affordable housing development. It also includes modifying Low-Income Housing Tax Credits to better incentivize new unit production, and funding for the Department of the Treasury’s Community Development Financial Institutions Fund to support financing of new construction and substantial rehabilitation that creates net new units of affordable rental and for sale housing.
Accelerates Efforts to Move More Goods Faster through American Ports and Waterways. The Budget continues support for the historic levels of Federal investment to modernize America’s port and waterway infrastructure provided under the Bipartisan Infrastructure Law. It includes $230 million for the Port Infrastructure Development Program to strengthen maritime freight capacity, as well as $1.7 billion in spending for the Harbor Maintenance Trust Fund to facilitate safe, reliable, and environmentally sustainable navigation at coastal ports.
Strengthens the Nation’s Supply Chains through Domestic Manufacturing. To help ignite a resurgence of American manufacturing and strengthen domestic supply chains, the Budget provides $372 million, an increase of $206 million over the 2021 enacted level, for the National Institutes of Standards and Technology’s (NIST) manufacturing programs to launch two additional Manufacturing Innovation Institutes in 2023 and continue support for the two institutes funded in 2022. The Budget includes a $125 million increase for the Manufacturing Extension Partnership to make America’s small and medium manufacturers more competitive. The Budget also invests $200 million for a new Solar Manufacturing to build domestic capacity in solar energy supply chains while moving away from imported products.
Expands Access to Registered Apprenticeships and Equips Workers with Skills They Need to Obtain High-Quality Jobs. The Budget invests $303 million, a $118 million increase above the 2021 enacted level, to expand Registered Apprenticeship opportunities in high growth fields, such as information technology, advanced manufacturing, health care, and transportation, while increasing access for historically underrepresented groups, including people of color and women. In addition, the Budget invests $100 million to help community colleges work with the public workforce development system and employers to design and deliver high-quality workforce training programs. The Budget also provides $100 million for a new Sectoral Employment through Career Training for Occupational Readiness program, which will support training programs focused on growing industries, enabling disadvantaged workers to enter on-ramps to middle class jobs, and creating the skilled workforce the economy needs to thrive.
Fosters Competitive and Productive Markets and Targets Corporate Concentration. The Budget reflects the Administration’s commitment to vigorous marketplace competition through robust enforcement of antitrust law by including historic increases of $88 million for the Antitrust Division of the Department of Justice (ATR) and $139 million for the Federal Trade Commission (FTC).
Restoring American Leadership and Confronting Global Threats
Supports United States’ European Allies and Partners. The Budget includes $6.9 billion for the European Deterrence Initiative, the North Atlantic Treaty Organization (NATO), and countering Russian aggression to support Ukraine, the United States’ strong partnerships with NATO allies, and other European partner states by bolstering funding to enhance the capabilities and readiness of U.S. Forces, NATO allies, and regional partners in the face of Russian aggression.
Defends Freedom Globally. To support American leadership in defending democracy, freedom, and security worldwide, the Budget includes nearly $1.8 billion for the State Department and USAID to support a free and open, connected, secure, and resilient Indo-Pacific Region and the Indo-Pacific Strategy, and $400 million for the Countering the People’s Republic of China Malign Influence Fund. In addition, the Budget provides nearly $1 billion in assistance to Ukraine for State Department, USAID, and Department of Defense to counter Russian malign influence and to meet emerging needs related to security, energy, cyber security issues, disinformation, macroeconomic stabilization, and civil society resilience.
Promotes Integrated Deterrence in the Indo-Pacific and Globally. The Budget proposes $773 billion for the Department of Defense. To sustain and strengthen deterrence, the Budget prioritizes China as the Department’s pacing challenge. DOD’s 2023 Pacific Deterrence Initiative highlights some of the key investments the Department is making that are focused on strengthening deterrence in the Indo-Pacific region. DOD is building the concepts, capabilities, and posture necessary to meet these challenges, working in concert with the interagency and our allies and partners to ensure our deterrence is integrated across domains, theaters, and the spectrum of conflict.
Renews America’s Leadership in International Institutions. The Budget continues the Administration’s efforts to lead through international organizations by meeting the Nation’s commitments to fully fund U.S. contributions and to pay United Nations peacekeeping dues on time and in full. The Budget also provides $1.4 billion for the World Bank’s International Development Association (IDA). This investment restores the United States’ historical role as the largest World Bank donor to support the development of low- and middle-income countries, which benefits the American people by increasing global stability, mitigating climate and health risks, and developing new markets for U.S exports.
Advances Equity and Equality Globally. The Budget provides $2.6 billion to advance gender equity and equality across a broad range of sectors. This includes $200 million for the Gender Equity and Equality Action Fund to advance the economic security of women and girls. This total also includes funding to strengthen the participation of women in conflict prevention, resolution, and recovery through the implementation of the Women, Peace, and Security Act.
Advances American Leadership in Global Health, Including Global Health Security and Pandemic Preparedness. The Budget includes $10.6 billion to bolster U.S. leadership in addressing global health and health security challenges. Within this total, the Budget supports a $2 billion contribution to the Global Fund’s seventh replenishment, for an intended pledge of $6 billion over three years, to save lives and continue the fight against HIV/AIDS, tuberculosis, and malaria, and to support the Global Fund’s expanding response to COVID-19 and global health strengthening. This total also includes $1 billion to prevent, prepare for, and respond to future infections disease outbreaks, including the continued expansion of Global Health Security Agenda capacity-building programs and a multilateral financial intermediary fund for health security and pandemic preparedness
Strengthening America’s Public Health & Advancing Cures for Cancer and Other Diseases
Prepares for Future Pandemics and Other Biological Threats. In addition to combatting the ongoing COVID-19 pandemic, the United States must catalyze advances in science, technology, and core capabilities to prepare for future biological threats. The Budget makes transformative investments in pandemic preparedness across the Department of Health and Human Services (HHS)—$81.7 billion available over five years—to enable an agile, coordinated, and comprehensive public health response to protect American lives, families, and the economy.
Builds Advanced Public Health Systems and Capacity. The Budget includes $9.9 billion to build capacity at CDC and state and local levels to improve the core immunization program, expand public health infrastructure in States and Territories, strengthen the public health workforce, support efforts to modernize public health data collection, increase capacity for forecasting and analyzing future outbreaks, including at the Center for Forecasting and Outbreak Analytics, and conduct studies on Long COVID to inform diagnosis and treatment options.
Transforms Mental Health Care. The United States faces a mental health crisis that has been exacerbated by the COVID-19 pandemic. The Budget proposes reforms to health coverage and invests in the behavioral health workforce. It provides sustained and increased funding for community-based centers and clinics, and mental health staff in schools, makes historic investments in youth mental health and suicide prevention programs, and strengthens access to crisis services by building out the National Suicide Prevention Lifeline and crisis services infrastructure. These resources will help build system capacity, connect more Americans to care, and create a system of support to improve mental health for all.
Advances Maternal Health and Health Equity. The United States has the highest maternal mortality rate among developed nations, with an unacceptably high mortality rate for Black and American Indian and Alaska Native women. The Budget includes $470 million to reduce maternal mortality and morbidity rates, expand maternal health initiatives in rural communities, implement implicit bias training for healthcare providers, create pregnancy medical home projects, and address the highest rates of perinatal disparities. The Budget also expands maternal and other health initiatives in rural communities to improve access to high-quality care.
Accelerates Innovation through the Advanced Research Projects Agency for Health (ARPA-H). The Budget proposes a major investment of $5 billion for ARPA-H, significantly increasing direct Federal research and development (R&D) spending in health to improve the health of all Americans. With an initial focus on cancer and other diseases such as diabetes and dementia, this major investment will drive transformational innovation in health technologies and speed the application and implementation of health breakthroughs.
Taking Historic Steps to Combat the Climate Crisis and Advance Environmental Justice
Invests in Clean Energy Infrastructure and Innovation. The Budget invests $3.3 billion to support clean energy projects that will create good paying jobs, continue to cut to cost of clean energy, and drive progress toward President Biden’s climate goals. Investments include $502 million to weatherize and retrofit low-income homes, including $100 million for a new LIHEAP Advantage pilot to electrify and decarbonize low-income homes, and $260 million to support energy efficiency improvements to USDA-assisted multifamily homes. In addition, the Budget provides $150 million to electrify Tribal homes and transition Tribal colleges and universities to renewable energy, and $80 million for a new Grid Deployment Office to build the grid of the future.
Strengthens Climate Resilience. The Budget provides more than $18 billion for climate resilience and adaptation programs across the Federal Government. These critical investments will reduce the risk of damages from floods and storms, restore the Nation’s aquatic ecosystems, and make HUD-assisted multifamily homes more climate resilient. In line with President Biden’s commitment to ensure the American’s fighting wildfires earn $15 an hour, the Budget includes $1.8 billion in the Forest Service and Department of the Interior to strengthen the Federal firefighting workforce, increase capacity, and improve firefighter compensation.
Advances Equity and Environmental Justice. The Budget provides historic support for underserved communities, and advances the President’s Justice40 commitment to ensure 40 percent of the benefits of Federal investments in climate and clean energy reach disadvantaged communities. The Budget includes $1.45 billion to bolster the EPA’s environment justice efforts that will help create good-paying jobs, clean up pollution, implement Justice40, advance racial equity, and secure environmental justice for communities that too often have been left behind
Achieves the President’s Historic Climate Pledge. The Budget includes over $11 billion in international climate finance, meeting the President’s pledge to quadruple international climate finance a year early. This funding will accelerate the global energy transition to net zero emissions by 2050; help developing countries build resilience to the growing impacts of climate change, including through the President’s Emergency Plan for Adaptation and Resilience and other programs; and support the implementation of the President’s Plan to Conserve Global Forests. Among these critical investments are $1.6 billion for the Green Climate Fund, a critical multilateral tool for financing climate adaptation and mitigation projects in developing countries and support for a $3.2 billion loan to the Clean Technology Fund to finance clean energy projects in developing countries.
Expanding Economic Opportunity, Advancing Equity, and Strengthening our Democracy
Makes Historic Investments in K-12 Schools and Education Beyond High School. The Budget more than doubles funding for Title I compared to the 2021 enacted level through a combination of discretionary and mandatory funding. This substantial funding, which serves 25 million students in nearly 90 percent of school districts across America, is a major step toward fulfilling the President’s commitment to addressing long-standing funding disparities between under-resourced schools—which disproportionately serve students of color—and their wealthier counterparts. The Budget increases support for children with disabilities by providing a $3.3 billion increase for IDEA Grants to States – the largest two-year increase ever for the program. The budget also doubles funding for IDEA Grants for Infants and Families and proposes to reforms to increase equitable access to early intervention services with a proven record for improving academic and developmental outcomes. The Budget also provides $1 billion in sustainable funding to help schools increase the number of school counselors, psychologists, social workers and other health professionals. The Budget provides an additional $438 million for Full Service Community Schools, ramping up the mental health and wraparound supports in schools for students and their families. The Budget proposes to double the maximum Pell Grant by 2029, beginning with a historic $2,175 increase over the 2021-2022 school year, thereby expanding access and helping nearly 6.7 million students afford college.
Advances Child and Family Well-Being in the Child Welfare System. The Budget proposes to expand and incentivize the use of evidence-based foster care prevention services to keep families safely together and to reduce the number of children entering foster care, while also targeting resources to reduce the overrepresentation of children and families of color in the child welfare system. For children who do need to be placed into foster care, the Budget provides States with support to place more children with relatives or other adults who have an existing emotional bond with the child and fewer children in group homes and institutions while also providing additional funding to improve the educational outcomes of foster youth and support youth who age out of care without a permanent caregiver.
Guarantees Adequate and Stable Funding for the Indian Health Service (IHS). The Budget significantly increases IHS’s funding over time, and shifts it from discretionary to mandatory funding. For the first year of the proposal, the Budget includes $9.1 billion in mandatory funding, an increase of $2.9 billion above 2021. After that, IHS funding would automatically grow to keep pace with healthcare costs and population growth and gradually close longstanding service and facility shortfalls. Providing IHS stable and predictable funding will improve access to high quality healthcare, rectify historical underfunding of the Indian Health system, eliminate existing facilities backlogs, address health inequities, and modernize IHS’ electronic health record system.
Protects Our Elections and the Right to Vote. As our democracy faces threats across the country—and to provide state and local election officials with a predictable funding stream for critical capital investments and increased staffing and services—the Budget proposes $10 billion in new elections assistance funding to be allocated over ten years. The Budget also proposes to fund an expansion of U.S. Postal Service delivery capacity in underserved areas and support for vote-by-mail, including making ballots postage-free and reducing the cost of other election-related mail for jurisdictions and voters.
Americans are recoiling at rising prices at the pump, failing to appreciate that Europeans are seeing prices rise 45%, and despite the fact our supplies are not impacted by the embargo on Russian oil. Rather, Big Oil continues to record record profits, use windfall profits to buy back stock, reward shareholders and pay bonuses to CEOs. President Biden is appealing to the companies’ “patriotism” by pumping more supply and not pocketing quite as much, and also warning against price-gouging. He is also pushing the oil companies to utilize unused leases. Here is a fact sheet from the White House of how President Biden is responding to what he has dubbed “Putin’s Price Hike” at the pump: –Karen Rubin/news-photos-features.com
Americans face rising prices at the pump because of Putin’s Price Hike. Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon. Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising prices at the pump for Americans. President Biden is committed to doing everything in his power to help American families who are paying more out of pocket as a result. That is why President Biden announced a two-part plan to ease the pain that families are feeling by increasing the supply of oil starting immediately and achieving lasting American energy independence that reduces demand for oil and bolsters our clean energy economy.
Immediately Increasing Supply
At the start of this year, gas was about $3.30 a gallon. Today, it’s over $4.20, an increase of nearly $1. And now, a significant amount of Russian oil is not making it to market. The President banned the import of Russian oil – which Republicans and Democrats in Congress called for and supported. It was the right thing to do. But, as the President said, Russian oil coming off the global market would come with a cost, and Americans are seeing that at the pump.
The first part of the President’s plan is to immediately increase supply by doing everything we can to encourage domestic production now and through a historic release from the Strategic Petroleum Reserve to serve as a bridge to greater supply in the months ahead.
Increasing Domestic Production
The fact is that there is nothing standing in the way of domestic oil production. The United States is already approaching record levels of oil and natural gas production. There are oil companies that are doing the right thing and committing to ramp up production now. Right now, domestic production is expected to increase by 1 million barrels per day this year and nearly 700,000 barrels per day next year.
Still, too many companies aren’t doing their part and are choosing to make extraordinary profits and without making additional investment to help with supply. One CEO even acknowledged that, even if the price goes to $200 a barrel, they’re not going to step up production.
Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but already-approved permits for production. Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing. Companies that are producing from their leased acres and existing wells will not face higher fees. But companies that continue to sit on non-producing acres will have to choose whether to start producing or pay a fee for each idled well and unused acre.
Historic Release from the Strategic Petroleum Reserve as a Bridge Through the Crisis
After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months. The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.
The Department of Energy will use the revenue from the release to restock the Strategic Petroleum Reserve in future years. This will provide a signal of future demand and help encourage domestic production today, and will ensure the continued readiness of the Strategic Petroleum Reserve to respond to future emergencies.
President Biden is coordinating this action with allies and partners around the world, and other countries are expected to join in this action, bringing the total release to well over an average 1 million barrels per day.
Achieving Real American Energy Independence
The United States is the largest oil producer in the world and is a net energy exporter. Despite that, the actions of a dictator half a world away can still impact American families’ pocketbooks. The President will announce his commitment to achieving real energy independence – which centers on reducing our dependence on oil altogether.
The President will call on Congress to pass his plan to speed the transition to clean energy that is made in America. His plan will help ensure that America creates millions of good-paying union jobs in clean, cutting-edge industries for generations to come. And it will save American families money in the immediate future – including more than $950 a year in gas savings from taking advantage of electric vehicles, and an additional $500 a year from using clean electricity like solar and heat pumps to power their homes.
And, the President will issue a directive, authorizing the use of the Defense Production Act to secure American production of critical materials to bolster our clean energy economy by reducing our reliance on China and other countries for the minerals and materials that will power our clean energy future. Specifically, the DPA will be authorized to support the production and processing of minerals and materials used for large capacity batteries–such as lithium, nickel, cobalt, graphite, and manganese—and the Department of Defense will implement this authority using strong environmental, labor, community, and tribal consultation standards. The sectors supported by these large capacity batteries—transportation and the power sector—account for more than half of our nation’s carbon emissions. The President is also reviewing potential further uses of DPA – in addition to minerals and materials – to secure safer, cleaner, and more resilient energy for America.
This week alone, President Biden announced historic efforts to increase energy efficiency and lower costs for consumers. The Department of Energy opened applications for more than $3 billion in new Bipartisan Infrastructure Law funding—ten times the historical funding levels of the Weatherization Assistance Program—for energy efficiency and electrification upgrades in thousands of homesthat will save families hundreds of dollars on utility bills. The Administration also advanced smart standards that will lower consumer costs, including a roadmap of 100 actions this year that will save families $100 annually through more efficient home appliances and equipment, as well as new fuel economy standards for cars and trucksto save drivers money at the pump. And the Administration is seeking additional opportunities to ramp up the deployment of heat pumps to displace fuel burned in buildings, as well as programs to drive efficiency, electrification, and use of clean fuels in the industrial sector.
