Illinois Congresswoman Bustos Votes to Pass Inflation Reduction Act
Congresswoman Cheri Bustos (IL-17), voted to pass the Inflation Reduction Act, a transformative legislative package to lower families’ health care, prescription drug and energy costs; all while reducing the national debt by $300 billion to ease inflation. Having passed the Senate last week, the bill now heads to the White House for President Biden’s signature.
“For years, the high costs of health care and prescription drugs have been holding back working families. Inflation related to the pandemic and war in Ukraine has only made things more challenging,” said Congresswoman Bustos. “That’s why I’ve joined my colleagues in taking bold action to finally allow Medicare to negotiate prescription drug prices and cap out-of-pocket costs for seniors at $2,000 a year. That’s why we’ve extended key Affordable Care Act assistance. And it’s why we’re making key investments in 21st-century energy infrastructure to bring costs down. The Inflation Reduction Act is yet another example of House Democrats making good on our promise to fight for the American people.”
Cheri Bustos
The Inflation Reduction Act is historic legislation that will lower families kitchen-table costs, create millions of good-paying jobs, protect the environment and reduce the national debt. Here’s what this bill delivers:
- Lower prescription drug prices: the Inflation Reduction Act finally allows Medicare to negotiate the price of prescription drugs, prevents excessive price hikes and caps out-of-pocket costs to $2,000 for seniors.
- Affordable health care: the Inflation Reduction Act reduces the cost of health care for millions of families by extending Affordable Care Act subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.
- Reduced energy costs and historic emission reductions: the Inflation Reduction Act invests in domestic energy production and manufacturing to reduce carbon emissions by roughly 40 percent by 2030 with historic investments in energy security and tackling the climate crisis.
- Cuts to the national debt to help fight inflation: the Inflation Reduction Act makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.
