Rep. Frankel Statement on House Passage of the Inflation Reduction Act

Historic Bill to Lower Costs for American Families Now Heads to President Biden

West Palm Beach, FL - Today, Congresswoman Lois Frankel (FL-21), released the following statement after voting to pass the Inflation Reduction Act, a Democrat-led package that will lower costs for working families across America.

"Putting people over politics, Democrats have taken bold action to bring down the kitchen table costs - from health care premiums to prescription drug costs to energy prices - while closing tax loopholes and paying down the deficit," said Rep. Frankel.

The Inflation Reduction Act contains many Democratic priorities, including:

• Reducing the cost of health care for millions by extending expanded Affordable Care Act subsidies until 2025,
• Capping insulin costs at $35 a month for people on Medicare,
• Allowing Medicare to negotiate the price of prescription drugs,
• Out-of-pocket drug costs capped at $2,000 for people on Medicare,
• Combatting the climate crisis by reducing carbon pollution by 40 percent by 2030,
• Lowering energy costs and advancing energy security,
• Fighting inflation by allocating an historic $300 billion for deficit reduction,
• Making big corporations pay their fair share while protecting small businesses and families making less than $400,000 from getting hit with new taxes.

The bill passed both chambers of Congress and now goes to President Biden for his signature.

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