Representative Angie Craig Statement on President Signing Inflation Reduction Act into Law
Legislation includes key Craig priorities, including $35/month insulin copay cap for seniors on Medicare, extension of ACA tax credits, Medicare drug price negotiation and historic investments in biofuels & renewable energy
WASHINGTON, DC – Today, U.S. Representative Angie Craig issued the following statement:
"Today, I am pleased that the President signed the Inflation Reduction Act into law – taking a critical step toward lowering costs across the board for American families," said Representative Craig. "This is a transformational piece of legislation that will make health care more affordable and accessible, cap insulin copays at $35/month for seniors on Medicare and make bold investments in biofuels and renewable energy – all while reducing the deficit. I have been working with my colleagues on both sides of the aisle to accomplish these goals for nearly four years, and today, I'm proud to say we delivered on our promises."
The Inflation Reduction Act is historic legislation that will lower costs for working families, expand access to high-quality and affordable health care, invest in renewable energy and American energy independence while reducing the deficit.
Specifically, the Inflation Reduction Act will:
- Lower health care costs by:
- Capping the out-of-pocket cost of insulin for Medicare beneficiaries at $35/month
- Extending Affordable Care Act tax credits through 2023, making health insurance more affordable for the millions of people who are insured through the individual marketplace
- Allowing Medicare to negotiate for cheaper prescription drug prices for certain drugs and capping out-of-pocket prescription costs for Medicare beneficiaries at $2,000 per year
- Requiring pharmaceutical companies to pay a rebate to Medicare if they raise drug prices faster than inflation
- Make the single largest American investment to mitigate climate disasters by:
- Investing nearly $400 billion over 10 years in tax credits aimed at making electric vehicles more affordable for consumers and pushing electric utilities toward renewable energy sources like wind or solar power
- Allocating the largest investment ever in homegrown biofuels infrastructures like ethanol and biodiesel
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