Washington, DC – Congresswoman Barbara Lee today released a statement on House passage of Democrats’ reconciliation bill, the Inflation Reduction Act.
“From the moment President Biden took office, progressives in Congress have fought tooth and nail for meaningful reform. I am proud to announce that today, a key portion of our agenda passed in the House with the Inflation Reduction Act: a bill that puts people over politics by lowering costs of basic human needs like health care, creating good jobs, and attacking climate change while ensuring that the wealthy pay their fair share in taxes.
“This bill will have a significant impact on people’s lives, especially in communities of color who face greater economic disparities and higher barriers to health care due to decades of systemic racism. It reduces the cost of this care for millions by extending ACA subsidies and ending the ban on Medicare negotiating prescription drug prices, capping out-of-pocket costs for seniors at $2,000 a year. And it makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation, which will provide relief to families struggling to put food on the table and gas in their cars.
“On top of alleviating these kitchen-table issues, it is the single largest investment in fighting climate change in American history. By investing in clean energy technologies, it puts the U.S. on a path to reducing our carbon pollution by 40 percent by 2030. This will have a major long-term impact on disadvantaged communities on the frontlines of the climate crisis.
“With no new taxes on families making less than $400,000, none of these reforms come at a cost to the average person. Instead, the implementation of a 15 percent corporate minimum tax will ensure that the ultra-wealthy finally pay their fair share.
“Republicans, however, have once again chosen to put politics over people by siding with Big Pharma and blocking a $35 price cap on insulin. I am outraged by their actions and disappointed by the pieces left on the cutting room floor, such as investments in housing, childcare, pre-K, immigration, and Medicaid expansion that are so desperately needed in this country, especially in marginalized and low-income communities.
“Much work lies ahead. But this bill is a victory for America’s families and for our planet. I commend the leadership of President Biden, Speaker Pelosi, the Progressive Caucus, and the Congressional Black Caucus for their steadfast commitment to putting people over politics. I look forward to seeing this legislation signed into law and continuing our fight to build a more equitable future.”