Titus Votes to Pass Transformative Inflation Reduction Act

Statement

Congresswoman Dina Titus (NV-01) issued the following statement after H.R. 5376, the Inflation Reduction Act of 2022, passed in the House with a vote of 220-207.

"This historic legislation will make a difference for families by lowering health care costs, cutting prescription drug prices, and reducing the price of energy. It will create good-paying jobs, deliver the most significant action on climate in U.S. history, and dramatically reduce the deficit. I call that transformative.

"The bill will keep our economy on a path to a strong comeback from the pandemic. In Nevada, we have not only recovered all the jobs lost during the economic downturn, but we have an all-time high employment rate. That's not what a recession looks like.

"Republicans in Congress have offered no plan to address inflation except raising taxes on millions of working and middle-class Americans, repealing the Affordable Care Act, and putting Social Security and Medicare on the chopping block.

"I was proud to support this bill and I will continue fighting to lower costs for hard-working Nevadans."

Background

Key provisions of the Inflation Reduction Act:

Lowers the cost of health care: Reduces the cost of health care for millions by extending ACA enhanced subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year, and lowering drug prices.

Slashes prescription drug costs: For the first time ever empowers Medicare to negotiate the price of prescription drugs; requires drug companies to pay Medicare rebates if they raise prices faster than the rate of inflation starting in October 2022; and creates a new out-of-pocket cap for Part D drug costs for Medicare beneficiaries of $2,000 a year, starting in 2025.

Lowers the deficit and reduces inflation: makes a historic down payment on deficit reduction of almost $300 billion to fight inflation.

Important provisions for Nevada:

Western Drought: Invests $4 billion for drought mitigation projects in the Colorado River Basin which will help combat receding water levels in Lake Mead.

ACA Premium Tax Credit Expansion: Estimates show this expansion will save Nevada families with employment-based health coverage around $1,920 a year, and families who go through the exchange about $2,320 a year. Tens of thousands of Nevadans purchasing health insurance on exchanges like Nevada Health Link will pay no more than 8.5 percent of their income on health coverage.

Energy and Climate: Includes an $8,000 rebate for pumps to cool and heat homes; a $4,000 rebate to upgrade electrical panels for energy-efficient appliances; a $1,600 rebate to insulate homes which will lower energy costs for Nevada families. It also has $60 billion in production tax credits to accelerate U.S. manufacturing of solar panels, wind turbines, batteries, and critical minerals which will help attract more jobs and increase economic development in Nevada

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