DeLauro Votes to Pass Inflation Reduction Act

Chair of the House Appropriations Committee Rosa DeLauro (CT-03) today released a statement following her vote in support of the Inflation Reduction Act, legislation that would lower the cost of health care, tackle the climate crisis, and rein in corporate greed while reducing inflation.

"For years, Americans have faced rising costs at grocery stores, pharmacies, and in recent months, at the gas pump. Today, we sent the Inflation Reduction Act to President Biden's desk to be signed into law so we can provide necessary relief to hardworking people across the country.

"TheInflation Reduction Act takes historic steps to reduce the deficit and fight inflation, invest in domestic energy production and manufacturing, and tackle the climate crisis by reducing carbon emissions by roughly 40 percent by 2030. The bill will also lower prescription drug and health care costs by finally allowing Medicare to negotiate prescription drug prices and extending the expanded Affordable Care Act program for three years.

"Notably, this legislation makes sure that the biggest corporations and billionaires pay taxes. It establishes a 15 percent corporate minimum tax and invests in Internal Revenue Service (IRS) tax enforcement to ensure that the biggest corporations, the ultra-wealthy, and rich tax cheats pay their fair share. Large corporations have been using inflation as an excuse to abuse their market power, jacking up prices for American consumers at the grocery store, the pharmacy, and at the gas pump. This law puts taxpayer dollars back into the pockets of working families.

"Although the legislation does not include an extension of the expanded Child Tax Credit as I have fought for, Democrats will make Republican opposition an issue in the election, and it will be at the top of Democratic priorities going forward. As I have said before, as American families face rising costs, the expanded Child Tax Credit is one of our best tools to help them face these challenges.

"The Inflation Reduction Act is a needed first step. We will lower costs for necessities, lower emissions while fighting the climate crisis, and force big corporations to pay tax."