Hoyer Floor Remarks on House Action to Advance the Build Back Better Agenda

Press Release

"By adopting this rule, Madam Speaker, we are now lining up with the runway in preparation to land the plane on Build Back Better. As we wait for the CBO to complete its work and produce its analysis, which I believe will confirm an estimate from the White House, based on the Joint Tax Committee's analysis of the bill's revenue impact and the preliminary scoring from CBO, that this bill is fully paid for."

"Today, we're going to pass a… bipartisan bill to invest $1.2 trillion in -- yes, today, excuse me, we're talking about the BIF now -- we're talking about the bipartisan, 69 senators voting for it, bipartisan infrastructure bill which will make an extraordinary difference in the lives of this country and as importantly the job creation in this country, a million jobs per year. That's what this rule will do. This bill will help our businesses create millions of good jobs here in our country. It will make significant, significant investments in promoting the deployment of clean energy technologies and making our infrastructure more resilient against climate change. That's what this bill will do. Enacting this legislation, and again, I'm referring to the Bipartisan Infrastructure Act passed by 69 -- with 69 votes in the United States Senate, with half of the Republicans, almost, voting for it."

"This [infrastructure] legislation will mean that our Majority has delivered a major victory for the American people in a bipartisan way, and passing this rule will mean that next up is the transformational legislation to invest in America's human infrastructure, our children, our families, and opportunities for the most vulnerable in our country to access the American dream. Let me say what this rule provides for, a bill which will do, add 1.5 million jobs per year. This bill. The Build Back Better bill will add 1.5 million jobs per year and on average across the whole decade, increase labor force participation and accelerate the return to full employment, increase our total GDP by $3 trillion throughout the next decade, keep prices stable, and decrease inflationary pressures as we continue our recovery from the COVID-19 pandemic."

"The nation has long underinvested in its infrastructure. I'm sure, as my friends across the aisle will remember, in 2016… President Trump was then campaigning for office, he pledged to the American people that he would present a trillion-dollar infrastructure program for this country. 2017, no such infrastructure bill. 2018, no such infrastructure bill. 2019, no such infrastructure bill. But in 2019, in early 2019, the President said $1 trillion is not enough, we ought to do $2 trillion. That was President Trump. $2 trillion was his suggestion. And we asked him, Mr. President we'll support that, tell us how you think we ought to fund it. Oh. Had to fund it. The President never came forth either with a bill or with funding for a bill. So, we didn't pass that. This President said no, we do need infrastructure and the figure that Trump used is not certainly what this country needs but it is a very, very good start and so he sent down a bill to accomplish that objective.

"The nation unfortunately has long underinvested in the infrastructure and social needs and been slow to respond to the threat posed by climate change. Our national security apparatus, including the four-star generals who lead our various service arms, have said the most existential threat to the security of the United States of America is climate change. Global warming. This bill deals with that existential threat."

"According to the Economic Policy Institute, the Build Back Better Act's macroeconomic boost looks more valuable by the day, said that on November 3, 2021. Their analysis shows the U.S. economy is not overheating due to too much fiscal relief and recovery provided earlier this year, expert after expert after expert says that. Did we have pent-up demand? We did. Are we having a supply side problem because of the pandemic epidemic? That is absolutely accurate. The Build Back Better Agenda will ease bottlenecks and will improve the resiliency of our supply chains. It boosts long-term growth and security through public investments, and provides a macroeconomic insurance policy against aggregate demand growing too slowly in coming years. In an open letter from Nobel Laureates in support of [this] economic recovery agenda, they said this: "success in the 21st century will require building upon the bipartisan infrastructure deal that has passed the Senate, which prioritizes investment in our nation's hard infrastructure.' That's what this rule provides for."

"Furthermore, they say the President's Build Back Better Agenda employs a broader conception of infrastructure by making critical investments in human capital: the care economy, research and development, public education, and more, which will reduce families' costs. Because this Agenda invests in long-term economic capacity, they went on to say it will enhance the ability of more Americans to participate productively in the economy. It will ease longer term inflationary pressures. That was Nobel Laureates talking about this economic recovery plan. It was signed by 15 of those Nobel Laureates."

"Our economy, however, has brought back nearly five million jobs since President Biden took office, now 5.5 million jobs. Americans are getting back to work and what this bill will do is to encourage the continuance of the growth of our economy, continue to grow the ability to educate and raise our children. The ability of women and single parents, male and female to be in the workplace. We need their expertise. We need their talent. We need their energy. And providing safe, reliable, affordable childcare will make such a difference. This bill that we provide for being considered as we end this debate will help America grow and the bill that the Rule provides to consider at some time in the near future will provide Americans with a better, safer, more secure life for them, for their children, for their friends and neighbors. Let's pass both of these bills. Let's pass the BIF bill, the Bipartisan Infrastructure Framework tonight and let us in the very near future as this rule provides, pass the Build Back Better Act."

Source