"The bill will lower healthcare costs for millions of Americans and will be the important investment," he said.
According to the US president, the legislation "will bring down the deficit." He admitted that the bill is far from perfect.
"It's a compromise. But it's often how progress is made ... Pass it. Pass it for the American people. Pass it for America," he added.
The legislation would commit $300 billion toward deficit reduction, in addition to providing approximately $369 billion to fund energy security and climate change and $64 billion for the Affordable Care Act over the next decade, a summary released by two lawmakers said.
The legislation aims to fight inflation by reducing the national debt, lowering energy and health care costs, lowering health care premiums and reducing carbon emissions by 40% by 2030, the summary said.
The bill would raise an estimated $739 billion in revenue by imposing a 15% corporate minimum tax, as well as launching a prescription drug pricing reform, boosting IRS tax enforcement and addressing the carried interest loophole, the summary added.
The bill is set to be included in a budget reconciliation package expected to be brought to the Senate floor by Democrats next week, according to the summary.