PALLONE ON ANNIVERSARY OF THE INFLATION REDUCTION ACT

Statement

"One year ago, I stood beside President Biden as he signed one of the most consequential pieces of legislation in decades into law. The Inflation Reduction Act is delivering for the American people, and it will continue to do so for years to come.

The law is making prescription drugs and health care more affordable for millions of American families. Already this year, seniors are paying less for lifesaving insulin as the law caps the cost at $35 per month. Now, pharmaceutical companies have followed suit and are lowering the cost of insulin for more Americans, something that simply would not have happened without the passage of this law. Drug companies are also being forced to pay penalties when they raise prices above the rate of inflation, which has resulted in seniors receiving discounts on 43 drugs so far this year. And next month, the Department of Health and Human Services will announce the first 10 drugs it plans to negotiate lower prices on so seniors are no longer paying outrageously high prices.

It is also dramatically lowering the cost of monthly health insurance premiums for millions of Americans, with four in five customers able to find health care coverage for $10 or less per month on HealthCare.gov.

The Inflation Reduction Act is the single-largest investment in climate action in American history, already growing our economy with more than 170,000 new, good-paying clean energy jobs right here at home. This action has already resulted in more than $270 billion in additional investments from the private sector. I fought hard to include provisions that will grow our middle class by bolstering American manufacturing, clean technology, and clean energy.

Extreme weather events like record heat, wildfires, drought, and hurricanes are devastating our communities and costing our nation well over one hundred billion dollars every year. In just one year, it's become clear that the Inflation Reduction Act is an essential part of our fight to combat the worsening climate crisis. It included incentives to encourage adoption of renewable resources while also lowering harmful emissions through innovative programs I helped design including the Greenhouse Gas Reduction Fund and the Methane Emissions Reduction Program.

Unfortunately, the Republican majority in the House of Representatives continues to attempt to repeal this landmark law. I will continue to strongly defend the Inflation Reduction Act against these repeal efforts so that we can continue to deliver for American families, create jobs, and invest in a clean energy future."

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