Biden: 'This bill will reduce inflationary pressures'

STORY: "Experts, even some experts who've criticized my administration in the past, agree that this bill - this bill - will reduce inflationary pressures on the economy," Biden said in remarks inside the White House.

Passing the bill would be a win for President Joe Biden's Democratic Party; it would impose minimum taxes on U.S. corporations and extend subsidies for the popular Obamacare health insurance program. Democratic Senate Majority Leader Chuck Schumer aims to get it approved before the Senate's summer break, due to begin at the end of next week.

The bill would provide about $370 billion over a decade to boost alternative energy and energy security. Schumer and Manchin estimated it would lower the U.S. government deficit by some $300 billion through measures including improved tax enforcement.

"This bill would be the most significant legislation in history to tackle the climate crisis, and improve our energy security," Biden said.

Top Senate Republican Mitch McConnell blasted the bill, calling it economically reckless at a time of soaring inflation.