Watch Live: Biden to discuss Democrats' health care, tax and climate proposal as recession fears grow

Washington — President Biden is set to deliver remarks Thursday on the new health care, tax and climate package unveiled by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin, following news that the U.S. economy contracted for the second consecutive quarter.

Called the Inflation Reduction Act, the plan was announced by Schumer and Manchin on Wednesday, capping months of negotiations between the two Democrats that, until now, failed to yield a deal. While Manchin had previously expressed concerns about new federal spending amid historic inflation, the West Virginia Democrat said he believes this legislative proposal will address the jump in consumer prices by paying down the national debt and lowering health care and energy costs.

The bill provides $369 billion for energy and climate programs over the next decade, and is estimated to reduce the federal deficit by $300 billion, according to a summary of the plan released by Senate Democrats. It will also raise roughly $313 billion by imposing a 15% corporate minimum tax on large companies, as well as another $124 billion from tax enforcement by the Internal Revenue Service.