[applause]

pres. biden: hello hello hello. thank you for thei appreciate i. thank you for sharing your story. you know, you immigrated to america as a teenager, graduated high school, and spent four years as a union apprentice, which is like earning a college degree, before you became a journeyman. i am a big prounion guy. [applause] people do not understand, they go, a union -- they like to say i want to be an electrician. you have four or five years of apprenticeship. you earn it and you deserve it. you help build homes for others to reach their dreams and now you are ]oin the market yourself to continue your dream. i met another mother -- where is she?

there she is. [applause] who was able to buy her first home with a $15,000 down payment by the american rescue plan. [applause] l she needed was a fair shot. she found a good paying union job, took homeownership classes to raise your credit score, she did the hard work and now she owns a home with her 16-year-old daughter, a straight a student. stand up kiddo. [cheers and applause] pres. biden: i'm fortunate to have great partners in congress making these dreams possible. the great leader of the fourth district and chair of the congressional black caucus who works every single day to reduce housing costs and close the racial wealth gap, which is happening. representative susie lee who was a driving force to cut red tape and build more affordable housing across nevada.

david -- god love you, david. you've always had my back. i've had yours. and you have had the people of this country and this city's back. housing is more than just a word. it is about people's lives. i want to thank your outstanding senators catherine cortez and jacky rosen for the leadership. [applause] making housing more accessible and affordable. i want to thank all the housing advocates here today. stand up. i really mean it. you are doing a great job. and by the way, you know -- look. folks, when i came into office, the pandemic was raging and our economy was really. nevada was hard-hit as tourism took abefore i came into office

unemployment reached 30% here. we are turning things around because of the folks i just talked has created 274,000 jobs, bringing back lost jobs of the pandemic and adding another 129,000 jobs. things are on the move. unemployment is down dramatically with more nevadans working today than ever before in the history of nevada. a:cities across america are seeg this great comeback story. now, my american rescue plan, which i might add, not a single solitary republican voted for, provided $350 billion to state and local governments including funds for every city, county, town, and tribe in the state. the state put that money to good use. put cops on the beat, teachers in the classroom, get small businesses on their feet, families in their homes. that's not all. you cannot have the best economy now, if you don't have the best infrastructure.

my predecessor promised -- her member my predecessor kept talking about infrastructure weekr years? we did not build a dam thing. you don't think i'm kidding. i'm not. i signed the most significant investment in infrastructure in generations. we are going to have infrastructure decade. so far 47,000 new projects to modernize america's roads, bridges, ports, public transit, and so much more, is happening. creating jobsell. $3.4 billion in projects right here in nevada. $3.4 billion. [applause] al kept thinking about was harry reid. we are connecting the entire state to affordable, high-speed internet by the end of this decade. every single part of the state will have high-speed affordable internet. already saving 276,000 nevada

and families as much as $75 a that -- on their internet bill. i know my friend harry is looking down saying he is dam proud. could not do one without the other, you know. the airport is getting an upgrade area he is so proud of america's first high-speed rail line to take folks from las vegas to los angeles, two hours instead of four. it's going to create 35,000 good paying jobs. take 3 million vehicles off the road. and reduce pollution significantly. by the way. [applause] it's going to cut the time■/ in half. i don't know why anybody would want to get to l.a. in half the time but i know they would want to come here. all kidding aside, it is incredible. it is a gigantic project.

by the way. california's building high-speed rail as well. the idea we haven't had one single high-speed ridiculous. chinese have a real system that goes 130 miles per hour. anyway. say. we are taking the most significant action to fight climate change ever. my policies havettracted $650 billion in private sector investments from companies moving clean energy, factories, and jobs back to america where they belong. for example in reno. redwood material is going to invest $3.5 billion, in one of the countries electric vehicle many factoring plans, creating thousands of --

manufacturing plants, creating thousands of jobs. [applause] tomorrow in arizona i will be talking about semiconductor chips the size of the tip of your little finger. powering everything from automobiles to smartphones to weapons systems. we invented those chips, we made them better, and we lost the market because the corporations said, let's send toboverseas wh. we don't do that anymore. we make it here. jobs and we send products overseas. the reason i mentioned, we have been able to bri■0ng chips manufacturing back home. 240 billion dollars of private investment in chip factories in america. and by the way we are creating tens of thousands of good paying jobs in construction and manufacturing. the average salary at one of th. and you do not need a college degree to get that job.

across the country folks have filed a record number of new business applications. the growth of latino owned businesses fastest in a decade, more black small businesses that the highest rate in 30 years. in nevada we have seen 195,000 small business applications and everyone is an act of hope. it is critical because small businesses -- i keep talking about small businesses. small businesses make up half the gdp, half the economy of america, half of all the economy of america generated by small businesses. but here is the deal. as more folks move to nevada for good paying jobs, we need housing and support. ílin the depth of the pandemic e american rescue plan delivered funds to keep 8 million families in their homes nationwe by preventing foreclosures and evictions. in nevada you used those funds to keep 50,000 people with their

rent paid. [applause] here 1000 affordable units for seniors are under construction 8000 homes for families across the country more families own homes now than before the pandemic. fewer floor csu -- foreclosures than any time in decades. but we have more to do for people who dream of having a good home. here is my plan. everybody thinks i was born wealthy and come from a significant background economically. well, i have the dubious distinction of being listed as

the poorest man in congress for 36 years. i got a phone call, my wife was campaigning -- i was campaigning in new hampshire back when that statistic came out in the 1990's. ■■she called to say how will is every thing going? i got this. fine. you kn you are in trouble when your wife or husband says fine. what's the matter? she said -only an elecdcials hul understand this. she said you are in today's paper. i said we don't have today's paper, from delaware, where i am in vermont. she said let me read it. top of the fold headline. fight, poorest man in congress -- biden, poorest man in congress. is that true? turned out it was true. my new budget works f

or lower housing costs today. i was raised in scranton, where i was born, my early years raised, scranton went dead in terms of the economy. we moved to a place called claymont, delaware. we could not afford anything. we lived in a duplex which became public housing years later. my dad ktrying to figure out how to get the down payment to get the first home. well, we rented and we saved. we were able to buy a three bedroom home in a new development. because these areas building 40 and 50 homes in a shot. we had four kids, three bedrooms, a grandfather living with us. had anything at the end of the month. what my dad would always say, the way you build equity in your home is the way you build

wealth. when you build enough equity in your home you have enough money to borrow to get something new and move and so on. that is how everybody makes it. er middle class makes it through equity in their homes. well, look. it works. what we have been doing workssep costs down in the future for homeowners. inflation keeps coming down. it is predicted to do that. mortgage rates are going to come down. but i'm not going to wait. [applause] i want to prid manual tax credit that will give americans $400 a month for the next two years as mortgage rates come down to put toward their mortgage when they buy their first home or trade up for more space if they come from a middle-class background. from a family that has $200,000 or less. we are making it more affordable to refinance your home by

eliminating title insurance fees on federally backed mortgages. that's going to save folks as much as $1500. the federal government can afford to do that. the association of realtors agreed for the first time that americans can negotiate lower commissions when they buy or sell their home. [applause] on a typical home purchase, that could save folks an average of i'm calling on realtors to follow through on lowering commissions to protect homebuyers. we are going to end the legacy of discrimination on the basis of home valuations. [applause] it is exacerbated racial wealth gap, held back black and brown families, and is simply wrong. if you build 20 homes on one side of the highway and 20 on the other and one side had

people with black and brown backgrounds and the sa e a white neighborhood, guess what? the day you bought at home, the black home is worth 20% less than the white homr hispanic home is worth 20% less. it is wrong. the second my plan goes to work so we can bring rents down, my administration is cracking down on big corporations to break antitrust laws. landlords should be competing to give folks the best deal, not conspiring to charge more. [applause] after unfair rental and junk fees. like the ones you charge when you move into an asurprise conv. they are not convenient at all. they can add up to hundreds of dollars. some of you have been stuck with that. folks, we are tired of being played for suckers and i'm tired of letting you be played for

suckers. . we are expanding rental assistance to over 100,000 more low income families since i took office. the biggest increase in 20 years. [applause] my new plane would help hundreds of thousands of more including foster kids aging out of foster care living on their own for the first time. it's going to help thousands of veterans afford rent because no one should be homeless in america. especially someone who served this country. affordable housing has been a challenge for a long time. to solve the long term we have to increase supply. down, demand is up, costs thrive. the bottom line is to build bui. that is why i tape

so more builders can get federal financing for their new project. a record 1.7 million new housing units are under construction nationwide right now because of it. today my administration reported that single-family housing starts are at the highest level they've been in two years. my new plane will create 2 million affordable homes including tens of thousands in nevada. [applause] we are doing a neighborhood homes tax credit to build affordable housing. we do it by expanding the bipartisan low income, it's called -- sorry with all these titles but that's what the bills are. low income housing tax credit to build affordable rental units supported by lenders a my plan will also establish an innovative program to build and

renovate housing or convert housing from empty office spaces , empty hotels into housing. my plan would provide $8 billion fight homelessness and move people into homes and off the streets. [applause] again, in the united states, no one should have to live in the street. experts are calling these measures the most conclusive housing plan in more than 50 years. it is not only my plan, it is fully paid for, andfor it, we ae federal debt at the same time. republicans talk about big tax democrats, give me a break. i have already cut the federal deficit by $1 trillion since i took office. [applause] the last guy increased the deficit by a larger margin than any president in four years.

i cut another trillion dollars in the next decade because of the law i signed, finally pharmaceutical companies, we finally gave medicare the power to negotiate prescription drug prices for seniors like at the veterans administration. the v.a. says i need this for veterans but i will not pay more than this amount of money. it is not just save seniors money but it is saving taxpayer money. the one thing we have been able to do, make sure you will be ab to have insulin for $35 instead of $400 a month. [applause] guess what? that cut the $160 billion. [applause] that notnl saves seniors a lot of money, when i first wrote it it included more money but

republicans knocked ou here is the deal, $160 billion over the next decade because big pharma doesn't have tom! pay $40 a month. my plan would double the number of drugs to be negotiated anoth. this bill has already passed. right now we cut the deficit by even more by making the very wealthy pay their fair share. if you are going to deal with medicare and want to make sure you will save money, guess what? many of you know seniors who have cancer drugsto $35,000, $1. guess what? we already passed a law beginning in 2024, january,

2025, no matter the total cost of prescription drugs for a senior, they will not have to pay more than $2000, period. [applause] we will save another -- anyway -- we■ drove out to the airport, if you have a prescription you need to fill, it was an american coming that made it, i would say let's fly to toronto or berlin or london or rome or any major city. i will get you that same prescription filled in those cities for 40%-60% less than a pharmacy here -- that is wrong. i'm a catholic. if you want to make a billion bucks, great, just pay your fair share in taxes. in 2020, 55 of the largest fortune 500 companies made $40

billion in profits and paid zero in federal taxes. not anymore. keanks to the law i wrote, big companies have to pay a minimum of 15%. would you will trade that, 15% instead of what you pay now? it is time to raise the corporate minimum tax to 21%. before the whole thing with covid, there were 650 billionaires in america, today there are a thousand. you know what they pay, the average tax for billionaires in america? 8.2% federal tax. anyone want to trade that? i would take 8.2%. it is far less than the vast majority of americans pay. no billionaire should pay a

lower tax than a teacher, sanitation worker, a nurse. [applause] that is why i am proposing, and if i am reelecting, we will get it done, a minimum tax of 25% for billionaires. do you $500 billion in 10 years. [applause] imagine whate ul cut the federal deficit even more. childcare, a range of things that we could do. affordable childcare, housing, all which help families grow our economy. erne asked the treasury department to do a study for me because i am a prounion guy. i am the most prounion president in american history. [applause] here is the deal. people say that costs a lot of

money -- it saves money. union labor and contracts raise everybody's income. they are the best in the worl s besides. i got that investment in computer chips, i convinced samsung to come here. there is so much we can do. my predecessor has a different view when it comes to fair taxes. he said this to his friends at mar-a-lago, quote, on the record, i know plenty of you, you are rich as hell and we will give you tax cuts. that is what he said out loud. president enacted a $2 trillion tax cut that overwhelmingly benefits the biggest corporations and the

he added more to the national debt than any president in one term than any president in all another to trillion dollar tax cut for the wealthy and big corporations. he also proposed cutting funds for affordab, not building them but cutting funds for them. folks with homes, does anybody really think the tax code is fair? i don't know. you don't think the wealthy and big corporations need another tax cut? i sure don't. i will keep fighting like the devil to make sure the wealthy pay their fresh air. -- pay their fair share. [applause] to make sure i was not at the end of his demagoguery, i made a commitment, no one earning less than $400,000 which is a lot of money for where i come from, will pay an additional penny in federal tax.

not one penny. everybody else will start paying their fair share. as i traveled the country, folks are telling me how back in 2020 they were down, they lost their business, they lost faith in the system, but then the laws we pass in the work we have done got them on their feet. we created 15 million new jobs in three years, more than any administration in history. we are keeping millions in their homes. we have created a new cycle of hope and pride. pride in america, knowing you can get big things done if we work together. we have a lot more to do. this election is so important, it is not about me but the future. undo everything we have done if elected. he stated it straight up. there is so much more to keep and do.

i have never been more optimistic about our future. we are the united states of america. there is nothing beyond our capacity when we work together. we are the only natn crisis stronger than we went in, every time when we work together. with your help, we will get people working together like they haven't in decades. god less you, and may god protect our troops. [captions copyright national cable satellite corp. 2024] [captioning performed by the or its caption content and accuracy. visit ncicap.org]