My Government will continue to do what we can to reduce prices for the American people. Congress must also act urgently. I urge Congress to pass a bill to reduce shipping costs this month and bring it to my office so we can reduce the price of goods. And, I call on Congress to pass legislation to cut costs for families, such as energy bills and prescription drugs. The deficit has shrunk more under my supervision as President than at any other time in history, but if Congress passes tax reform to make richer Americans and big companies pay their share, we could cut it even further. inflationary pressures. These are the most important things Congress can do to help families now and complement the Federal Reserve’s efforts to reduce inflation. Pump prices are an important part of inflation, and the war in Ukraine is the main cause. The United States is well on its way to producing a record amount of oil next year, and I am working with industry to accelerate this production. But it is also important that the oil and gas and refining industries in this country do not use the provocation created by the war in Ukraine as a reason to make matters worse for families with excessive profits or price increases. We all have work to do to reduce inflation. What will not help is the plan of some Republicans in Congress to raise taxes on the middle class and working-class families. That would be a step in the wrong direction, and I strongly oppose it.
