Perlmutter Applauds Passage of Historic Inflation Reduction Act

Statement

U.S. Rep. Ed Perlmutter (CO-07) released the following statement after the U.S. House of Representatives passed the Inflation Reduction Act:

"Passing the historic Inflation Reduction Act delivers on many of the things most important to my constituents and advances policies House Democrats have been working toward during my entire career in Congress. For example, after years of repeated attempts, Medicare will finally be able to negotiate prescription drug prices to help prevent price hikes and cap out-of-pocket costs for Americans. And by lowering families' cost, ensuring affordable healthcare for more Americans, creating millions of good-paying jobs, making the largest-ever investment in climate action and renewable energy, and reducing the deficit, this bill honors our promise to Americans and will help ensure strong, broad long-term economic growth for our country. The Inflation Reduction Act is fully paid for by closing loopholes so billionaire corporations finally pay their minimum share of income tax.

"This bill is significant and a tremendous cap to my congressional career. I'm proud to have been able to support it today and send it on to President Biden to become law."

Specifically, the Inflation Reduction Act would reduce greenhouse gas emissions by 40 percent by 2030, create 9 million more jobs in the green economy, and will reduce air pollution across the country. Additionally, the Inflation Reduction Act reduces the deficit by $300 billion.

According to Colorado Connect for Health, without the Inflation Reduction Act:
* Individuals in the 7th Congressional District with health insurance plans through the marketplace would have seen a 36% increase in their monthly premiums;
* An estimated 25,000 Coloradans would lose their health coverage;
* 76% of Colorado marketplace enrollees would have seen reduced or eliminated financial assistance; and
* Colorado would lose more than $150 million in federal tax credit dollars that flow to local economies throughout the state.

Source