Congressman Kim Votes to Lower Costs, Finally Allow Medicare to Negotiate Drug Prices, Fight Climate Change, and Cut $300 Billion off the National Debt

Press Release

Today, Congressman Andy Kim (NJ-03) voted for the Inflation Reduction Act, a transformational bill that will lower health and energy costs for Americans, finally allow Medicare to negotiate down the cost of prescription drugs, invest in American energy production, and do more to combat climate change than any bill in history, all while paying down $300 billion of the national debt.

"When I came to Congress, I made a promise to fight for working families, to lower health costs and prescription drug costs, and to protect those with pre-existing conditions. Today, we deliver on that promise," said Congressman Kim. "The Inflation Reduction Act is transformational - finally allowing Medicare to negotiate for lower prescription drug costs after decades of opposition from Big Pharma. I'm especially proud that my provision to cap out-of-pocket prescription drug costs for seniors is in this bill too. I've heard from a constituent at one of my town halls who pays more than $500 a month for their heart medicine. Now, no senior in America will need to pay more than $166 a month ($2000 a year). That's real help. We're also capping the cost of insulin for seniors on Medicare at $35 per month, increasing clean energy production to bring down prices, and investing in future generations by building a clean energy infrastructure right here in America. We're fighting climate change and becoming energy independent while paying off $300 billion of our national debt. I'm proud to vote for this bill and send it to the President's desk for his signature."

Since being elected, Congressman Kim has been pushing for Medicare to have the power to negotiate down the cost of prescription drugs. He co-sponsored the Medicare Drug Price Negotiation Act and co-sponsored and voted for the Elijah E. Cummings Lower Drug Costs Now Act.

The Inflation Reduction Act will:

Lower the National Debt

Reduce the national debt by $300 billion.

Lower Health and Energy Costs for Americans

Ensure no senior on Medicare pays more than $2,000 per year for prescription drugs, with the option to spread that amount over $166 monthly payments, saving seniors money and giving them peace of mind.
This provision was championed and co-written by Congressman Kim in his Capping Drug Costs for Seniors Act.
Establish a $35 monthly cap on out-of-pocket costs for insulin for older New Jerseyans on Medicare.
Give Medicare the authority to negotiate down the cost of prescription drugs.
Establish a new Inflation Rebate that requires drug companies that increase the price of their drugs beyond the pace of inflation to pay a rebate to Medicare. 
These provisions will help reduce unjustified price increases and limit unnecessary price hikes for drugs that have been on the market for years.
This will help keep drug prices down for consumers in the commercial market, not just seniors on Medicare.
Save over 17,000 people in New Jersey's 3rd Congressional District an average of $1,000 off their healthcare premiums.
Lower home energy costs by providing $9 billion for consumer home energy rebate programs focused on lower-income households. 
Increase clean energy production to lower energy costs and invest in our supply chains, creating good jobs in America while reducing our reliance on foreign energy.

Make America Energy Independent and Safeguard Our Environment 

Invest $370 billion over the next ten years to reduce national emissions by 40 percent.
Deliver tax credits for manufacturers that make clean products and help reduce emissions.
Provide a tax credit for people who buy a new or used electric vehicle, and for businesses that purchase electric commercial vehicles. 
Create a $1 billion grant program to make affordable housing more energy efficient.
Provide $3 billion for the U.S. Postal Service to purchase and utilize zero-emission vehicles.
Extend existing tax credits and grants to support America's production of biofuels.
Invest in clean technology manufacturing facilities, like facilities that make electric vehicles, wind turbines and solar panels.
In July 2022, Congressman Kim also voted to pass the CHIPS and Science Act, which was signed into law and will increase domestic production of the semiconductor chips needed for these investments, especially electric vehicles.

According to 126 leading economists
-- including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, and two former Treasury Secretaries -- this bill "will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth."

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