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John,
Yesterday, the Senate passed the the Inflation Reduction Act—landmark legislation that lowers costs for working Americans, strengthens our economy, and marks the largest investment in our country’s history to fight climate change.
I wanted to take a moment to talk you through some of the details of this legislation. Because this bill is a big deal—and a reminder that even with an evenly divided Senate, Democrats deliver.
Lowering Health Care Costs
It’s a fact: Americans pay significantly more for prescription drugs than people in other countries. Our bill will bring down health care costs by:
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Capping seniors’ out-of-pocket spending for prescription drugs at $2,000 per year.
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Extending Affordable Care Act subsidies through 2025: 13 million Americans covered under the Affordable Care Act will save an average of $800 per year on their health insurance premiums.
Historic Investments to Fight Climate Change
Our bill makes the largest investment—ever—in combating global climate change, lowering greenhouse gas emissions by 40 percent by 2030. Here’s how:
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It creates good-paying jobs—in the United States—manufacturing solar panels, wind turbines, and electric vehicles.
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It will lower families’ energy costs by hundreds of dollars each year.
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It centers vulnerable and low-income communities, providing funding for grants to boost energy efficiency in affordable housing, improve air quality monitoring, and to enhance climate resilience.
The Inflation Reduction Act is Fully Paid For
Our bill strengthens our economy and reduces the federal deficit by making the largest corporations pay their fair share—without raising taxes on families making less than $400,000 or on small businesses.
The Inflation Reduction Act goes to the House of Representatives for a vote this week, before heading to President Biden’s desk.
And let’s not forget—the passage of this bill comes on the heels of several other hugely impactful pieces of legislation:
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The PACT Act, my bipartisan legislation to give health care to veterans and service members exposed to toxic burn pits in the line of duty.
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The CHIPS Act, which funds domestic semiconductor and advanced microchips manufacturing to strengthen our economy and national security—paving the way for job creation in upstate New York and across the country.
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The Bipartisan Safer Communities Act, the first major federal gun safety legislation in a generation.
Thank you for raising your voice and staying in this fight. None of this would be possible without your advocacy and support. Onwards!
With gratitude,
Kirsten
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