![]() President Biden signed the Inflation Reduction Act to bring down costs, reduce the deficit, and take aggressive action on climate – all paid for by making sure the largest corporations and billionaire tax cheats finally pay their fair share in taxes. The law makes historic investments in manufacturing and research to accelerate the industries of the future and set America up to win the economic competition for the 21st century. The CHIPS and Science Act will help us compete with China by bringing manufacturing jobs back to America. President Biden signed the landmark CHIPS and Science Act into law to help lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our national security. Since the President took office, the United States has created hundreds of thousands of new manufacturing jobs and companies have announced more than $300 billion in manufacturing investments across the United States. President Biden is leading America through a manufacturing boom. President Biden’s actions on student debt will save the average borrower more than $1,000 a year and make sure that working people have a shot at a college degree without the fear of being saddled with insurmountable debt. Critically, the Biden-Harris administration’s plan will cover unpaid monthly interest, so a borrower’s balance will never grow as long as they make their monthly payments. The President is also taking action to make the student loan system more manageable for current and future borrowers by cutting monthly payment rates in half for undergraduate loans. Through targeted action, President Biden is building on his promise to grow the economy from the bottom up and middle out. ![]() Under the President’s student loan debt plan, nearly 90% of relief dollars will go to borrowers earning less than $75,000 a year. Up to 20 million Americans would have their loans fully canceled. For Americans in that group who received Pell Grants during college, President Biden’s plan would forgive up to $20,000 in student loan debt – providing relief to those who need it most.Īs a result of President Biden’s bold action, up to 43 million Americans would benefit from targeted relief. President Biden announced a plan to forgive up to $10,000 of debt for individuals making less than $125,000 a year. Student loan debt relief for working and middle class Americans The President also initiated a review process into how marijuana is scheduled under federal law and urged governors across the country to follow his lead by pardoning state level convictions of simple marijuana possession. ![]() In doing so, President Biden removed a burden to employment, housing, and educational opportunities for thousands of Americans. President Biden took action to end our failed approach to marijuana by pardoning all prior federal offenses of simple marijuana possession. Changing our failed approach to marijuana In his first two years, President Biden signed executive orders to reverse the discriminatory ban on transgender service members and strengthen LGBTQ+ non-discrimination protections. In signing this historic legislation, President Biden built on his work to advance full equality for LGBTQ+ Americans. The bipartisan Respect for Marriage Act provides security to millions of LGBTQ+ and interracial couples by guaranteeing that the federal government will recognize and protect their marriages. In December of 2022, President Biden signed landmark legislation that enshrined marriage equality protections into federal law.
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