Guam May See a Reduction in its Inflation Rate

President Joe Biden (ABC News file photo).

Inflation might come down sooner than expected

President Biden signs the “Inflation Reduction Act into law” which according to Governor Lou Leon Guerrero is good news for the people of Guam. 

The Governor, in a public video, says that her administration is working with the White House to implement the Act as soon as possible. 

The Inflation Reduction Act aims to fight climate change, lower healthcare costs, and raise taxes on corporations. 

Before being signed into law, the legislation narrowly passed in the Senate with a 50-50 vote. 

Vice President Kamala Harris broke the tie by voting in favor of the bill. 

Governor Leon Guerrero says that Guam can look forward to benefits from $15M assistance competitive grants aimed at fighting climate change, mitigation, and resilience through the Office of Insular affairs. 

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She added, “In terms of access and equity grant programs it would improve our sidewalks, our safety, also affordable transportation access to the disadvantaged and/or underserved communities. Of which the legislation invests $1.89B for eligible entities and of course, Guam and the Territories are also included.”