On Wednesday’s broadcast of CNBC’s “Squawk on the Street,” White House National Economic Council Deputy Director Bharat Ramamurti reacted to President Joe Biden’s comments on the Inflation Reduction Act that he wishes he “hadn’t called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth” by stating that the bill does many things and “you’re restricted to maybe having a few words when you name your piece of legislation.”
Co-host Carl Quintanilla asked, “Bharat, it was reported that the President said at a fundraiser the other day that it probably wasn’t the best-named legislation, and I’m wondering what the White House would want to call it if it were fresh today?”
Ramamurti answered, “I think one of the great things about this legislation, is that it does so much and you’re restricted to maybe having a few words when you name your piece of legislation. It’s not the most pithy name, but maybe you could call it the Economic Growth, Inflation Reduction, Deficit Reduction, Cost Savings Act, Carbon — Greenhouse Gas Emission Reduction bill. It did a lot. It accomplished a lot of really important priorities for this country. It is putting us in a position to lead on clean energy production. Remember, this is going to be a multitrillion-dollar global market for clean energy. The United States should be leading the effort, not only because we have to reduce our own emissions, but because when other countries need access to efficient, low-cost clean energy, the United States should be the ones who are building that and exporting that. And now, thanks to this bill, we’re in a real position to do that.”
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