Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the House passed the Inflation Reduction Act of 2022. This legislation was previously passed by the Senate, and it will now head to President Biden’s desk for signing.
“Today, Congressional Democrats are sending to President Biden fiscally responsible, forward-looking legislation that delivers on our commitments to U.S. families, to taxpayers and to future generations. With the Inflation Reduction Act, we’re lowering costs and bringing down inflation in the near term, and we’re putting our economy on sound and sustainable footing for the future.
“This legislation will help relinquish the hold Big Pharma and Big Oil have over households’ budgets. The health provisions will lower health insurance and prescription drug costs for families and seniors, shore up Medicare’s finances and save the government nearly a quarter of a trillion dollars over the next decade according to the latest from the Congressional Budget Office. The investments in clean energy production and manufacturing will help stabilize energy prices and insulate households against future spikes while delivering the most substantial financial commitment to addressing the threat of climate change in our nation’s history.
“Without increasing taxes on anyone making less than $400,000 dollars per year, it will cut deficits by hundreds of billions in the next ten years—and by trillions in the longer run. To fund both the historic investments and the meaningful deficit reduction, it will make our tax system fairer by cracking down on tax avoidance and evasion among the richest people and the most profitable corporations.
“President Biden promised these bold solutions, solutions that meaningfully improve economic well-being across the country, and Congressional Democrats are delivering on them today. This pro-growth legislation will make historic strides to rein in health care and energy costs, while also combatting climate change, cutting the deficit and tackling inflation. I’m immensely proud to have voted for it.”