Rep. Deutch Applauds House Passage of Inflation Reduction Act

Press Release

Today, U.S. Representative Ted Deutch (FL-22) issued this statement following passage of the Inflation Reduction Act in the U.S. House of Representatives:

"For decades, Americans faced soaring prescription costs, as health systems in our peer nations negotiated needed savings for their citizens. Our communities struggled under the weight of the climate crisis, while partisanship in Washington stifled clean energy innovation and greenhouse gas reduction. And our families worried about making ends meet, as prices ballooned faster than our pocketbooks. But today, we took a major step to end that pattern. Today, Congress voted to make historic investments in reducing healthcare costs, combating climate change, bolstering energy security, and countering inflation. I am proud to have supported the Inflation Reduction Act (IRA) in the House, and proud to see it go to President Biden's desk, because of what this legislation means for the future of our community, our state, and our country.

"The IRA is a win for South Florida:

"It will lower the cost of prescription drugs, particularly for America's seniors. The IRA finally empowers Medicare to negotiate fair drug prices directly with companies. It caps annual out-of-pocket prescription drug spending for seniors at $2,000 and monthly insulin costs for seniors at $35, while also penalizing pharmaceutical companies for unfair price hikes. The bill also extends needed subsidies under the Affordable Care Act for another three years.

"It will reduce greenhouse gas emissions by 40% by 2030 while lowering clean energy costs and creating clean energy jobs. The IRA not only creates a new Greenhouse Gas Reduction Fund that invests billions in low- and zero-emissions technology, but it also includes a policy I have championed, putting a price on methane--a greenhouse over 25 times more potent than carbon dioxide. The bill establishes a Methane Emissions Reduction Program that will hold big oil and gas companies responsible for excess pollution while driving clean energy innovation. It also offers tax rebates to American families to improve public access to clean energy solutions. This bill marks the single largest investment in climate action in our nation's history.

"It will reduce the deficit and fight inflation, while ensuring large corporations pay their fair share in taxes. The IRA requires billionaire corporations to pay a minimum tax in order to help address climate change and reduce the deficit.

"This bill marks a major step toward a cleaner, safer, more prosperous future for our community and for communities around the country. Read the full text of the bill here.

"I look forward to keeping you informed as additional information is made available about accessing IRA funding."

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