President Joe Biden, in a major victory for his administration, signed the Inflation Reduction Act, which could lower health-care costs, fight climate change, raise taxes on some large companies and reduce the deficit.
“This legislation will bring us closer to a more livable and equitable future for all.” said Congresswoman Cori Bush.
It continues the string of legislative victories that Democrats hope will translate into big midterm wins.
“I was proud to vote in support of the Inflation Reduction Act, which will take historic and much-needed actions to address the climate crisis and make health care more affordable,” Congresswoman Cori Bush of the First Congressional District said in a statement.
“This legislation will bring us closer to a more livable and equitable future for all.”
Bush said the bill “takes on prescription drug pricing, closing corporate tax loopholes to ensure billionaire corporations pay their fair share, and lowering energy and health care costs for people all across our country.”
While not included in the landmark bill, Bush said she will continue to press for universal preschool, affordable childcare, national paid leave, investments in housing and transportation, immigration and disability justice, maternal health, Medicare expansion, and a permanent expanded Child Tax Credit.
“This life-changing legislation increases the leverage of the people’s interest over the special interest,” House Speaker Nancy Pelosi declared.
Senate Democrats passed the measure along party lines with a 51-50 vote last week. Vice President Kamala Harris casting the deciding ballot.
Democrats said the bill locks in savings on health insurance premiums and reduces the cost of prescription drugs by allowing Medicare to negotiate lower prices.
President Joe Biden has said the measure should also lead to creating family-sustaining jobs and cutting energy costs by making the most significant investment in history in combating climate change. The country will pay the bill’s $739-plus billion price tag by making corporations pay their fair share. However, those earning less than $400,000 annually won’t experience a tax hike.
“I’m thrilled we were finally able to pass this historic, once-in-a-generation investment in our country’s future, create clean energy jobs and reduce the deficit all at the same time,” said Georgia Sen. Raphael Warnock said.
Florida Democratic Rep. Val Demings said “Senate Republicans tried and failed to block this legislation because it takes on their biggest backers: prescription drug companies, fossil fuel companies, and billionaire tax cheats.”
Senate Republicans lashed out.
“This is not about inflation reduction. This is all about Democrats spending on things they want to spend money on,” moderate Utah Sen. Mitt Romney said.
“It’s another taxing and spending bill,” he insisted.
Data from the Congressional Budget Office and Congressional Research Reports as cited by CNN suggested that those cuts counted as the ninth time in just two and a half years where proposed legislation to help women and families had been removed.
Paid family leave alone has been trimmed down or dropped five different times since March 2020, CNN reported. According to a 2021 UNICEF report on national childcare policies, “The United States is the only rich country without nationwide, statutory, paid maternity leave, paternity leave or parental leave.”
Still, Biden and Democrats savored the legislative victory.
The president said he ran for office promising to make government work for working families again, and that is what this bill does.
“This bill caps seniors’ out-of-pocket spending for prescription drugs at $2000 per year – no matter what their drug bills would otherwise be, seniors will not have to spend more than $2,000,” Biden stated, “Additionally, 13 million Americans, covered under the Affordable Care Act, will see their health insurance premiums reduced by $800.”
Biden continued:
“This bill tackles inflation by lowering the deficit and lowering costs for regular families. This bill also makes the largest investment ever in combatting the existential crisis of climate change.
“It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. In addition, it lowers families’ energy costs by hundreds of dollars each year.
“Finally, it pays for all this by establishing a minimum corporate tax so that our richest corporations start to pay their fair share. It does not raise taxes on those making under $400,000 a year – not one cent.”
