Build Back Better Act
Floor Speech
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Ms. PELOSI. Madam Speaker, I thank you for your tremendous leadership and the other chairs for bringing this legislation to the floor.
The hour is growing late, and as a courtesy to my colleagues, I intend to shorten my remarks. For those that I shorten the remarks, I promise to put them in the Record if you promise to read them.
Let me also begin by saying that I associate myself with the remarks of all of my Democratic colleagues, and that covers a lot of territory.
Madam Speaker, under the visionary leadership of President Biden, Democrats have forged historic progress for America's families.
First, we enacted our life-saving American Rescue Plan: to propel us out of the pandemic by putting money in pockets, vaccines in arms, children safely in school, and people back to work.
Next, we secured the transformative bipartisan infrastructure package to create good-paying union jobs rebuilding our Nation.
This week, President Biden signed the CHIPS and Science Act, which declares our economic independence, strengthens our national security, and enhances our families' financial future. We also honored the valiant service of our men and women in uniform with the PACT Act.
Today, Madam Speaker, is a day of celebration, a day we take another giant step in our momentous agenda. Our Inflation Reduction Act is a robust, cost-cutting package that meets the moment: ensuring that our families thrive and that our planet survives.
This is landmark legislation which we send to the President's desk, and it is a resounding victory for America's families starting at their kitchen table. What it means to you--to our constituents, to people out there whom we serve in terms of healthcare--if you are one of Medicare's 64 million enrollees, this bill brings down the out-of- pocket costs in prescription drugs.
We do this by empowering the Secretary of HHS to negotiate lower prices, at long last. We have been fighting for this for years. We do so by capping out-of-pocket prescription drug costs. And you, our constituents, will not pay one more cent for life-saving medication. This includes a $35 cap on insulin copays.
We do this by banning drug manufacturers from raising prices faster than inflation, protecting you against predatory price hikes. Make no mistake: these measures are a big blow to Big Pharma, which has had a stranglehold for decades, preventing us from making this move. Now we have relaxed that stranglehold a bit--there is more to be done--but we give more leverage and more breathing room to America's families.
At the same time, this bill locks in lower premiums that Democrats secured first in the rescue package. Together, lowering the cost of prescription drugs and healthcare premiums are vital strides in our fight for economic justice. This is particularly important to low- income communities, underserved communities, and communities of color.
In doing so, we honor the call of Dr. King, who said: ``Of all the forms of inequality, injustice in health is the most shocking and the most inhumane because it often results in physical death.''
The inflation bill is a plan divided into three parts: Prescription drugs and healthcare; second, the most consequential climate action in the history of our Congress of our country. Doing these two things will reduce the deficit. At the same time, this legislation advances President Biden's and Democrats' relentless commitment to putting justice first.
All of these crucial investments are fully paid for by making sure the ultra-rich and biggest corporations pay their fair share.
The climate provisions will make a meaningful difference for America's working families. I am going to put that in the Record, if you promise to read it, but it is about clean air and clean water for our children. It is about 9 million good-paying union jobs. It is about preventing conflict over resources and habitat. It is about values-- values espoused by Pope Francis when he said earlier this summer that our planet has reached a ``breaking point'' in the fight against climate crisis. Extreme weather continues to wreak havoc across the country and around the world, and it is clear the costs of inaction far outweigh the costs of action.
The bill saves the planet while keeping more money in your pockets. For working families, you will save an average of $1,000 a year and lower energy bills. For underserved communities, this bill invests $60 billion in environmental justice initiatives to ensure that everyone enjoys the benefits of a cleaner, green economy.
Again, the bill pays down the deficit by $300 billion in the first decade.
Here is what it means to you: it lowers the deficit and drives down inflation in the long term.
These monumental investments for families and healthcare are fully paid for ensuring the biggest corporations and wealthiest pay their fair share. That is an estimate of about $160 billion a year of taxes that are unlawfully not paid. Right now families are being harmed by corporate profiteering.
But let me just say that I don't want you to take it from me. I want you to take it from a large number of economists--126--including seven Nobel Prize winners and three former chairs of the Council of Economic Advisers in a letter urging passage of this bill.
I want you to hear this, my Republican friends, because clearly you don't know this. But now that you do, perhaps you will change your comments.
These investments will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly- shared, long-term economic growth.
Madam Speaker, I include in the Record their letter. August 2, 2022. Hon. Charles Schumer, Majority Leader, U.S. Senate, Washington, DC. Hon. Mitch McConnell, Majority Leader, U.S. Senate, Washington, DC. Hon. Nancy Pelosi, Speaker, House of Representatives, Washington, DC. Hon. Kevin McCarthy, Minority Leader, House of Representatives, Washington, DC.
Dear Senate Majority Leader Schumer, Senate Minority Leader McConnell, Speaker Pelosi, and House Minority Leader McCarthy: We write to strongly urge you and your colleagues in Congress to swiftly pass the Inflation Reduction Act of 2022. This historic legislation makes crucial investments in energy, health care, and in shoring up the nation's tax system. These investments will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.
This legislation represents the single biggest step to date in tackling the climate crisis. It makes key investments to incentivize the transition to cleaner energy sources and greater efficiency. It also invests in the current energy distribution system to make it more resilient, lowers energy costs for families, and helps protect U.S. family budgets against future shocks.
This legislation will quickly and noticeably bring down health care costs for families. It allows Medicare to negotiate lower prices with pharmaceutical companies, reduces Medicare out-of-pocket costs for drugs, and reduces insurance costs for 13 million Americans by building on provisions in the Affordable Care Act.
These investments would be more than fully paid for. The revenue raised to finance them would come exclusively from wealthy individuals and corporations. Further, the revenue stems from enhanced tax enforcement and closing some of the most distortionary loopholes in the tax code.
This proposal addresses some of the country's biggest challenges at a significant scale. And because it is deficit- reducing, it does so while putting downward pressure on inflation. We strongly recommend Congress act decisively to build a stronger economy by passing the Inflation Reduction Act as soon as possible. Sincerely, Joseph Stiglitz, Columbia University; Robert Solow, Massachusetts Institute of Technology; Peter Diamond, Massachusetts Institute of Technology; Oliver Hart, Harvard University; Eric Maskin, Harvard University; Edmund Phelps, Columbia University; Robert Rubin, Council on Foreign Relations; Jacob Lew, Columbia University; Jason Furman, Harvard University; Martin Neil Baily, Brookings Institution; Doug Elmendorf, Harvard Kennedy School; Roger Ferguson, TIAA (formerly); Alan Blinder, Princeton University; Louise Sheiner, Brookings Institution; Tara Watson, Brookings Institution; Mark Paul, Bloustein School of Planning and Public Policy; Matthew Rabin, Harvard Economics Department and Business School; Katharine Abraham, University of Maryland; Byron Auguste, Opportunity@Work; Brad Delong, University of California-Berkeley. Jesse Rothstein, University of California-Berkeley; Heidi Shierholz, Economic Policy Institute; Betsey Stevenson, University of Michigan; Dean Baker, Center for Economic and Policy Research; Mark Zandi, Moody's Analytics; Josh Gotbaum, Brookings Institution; David Johnson, University of Michigan; Hilary Haynes, University of California-Berkeley; Larry Katz, Harvard University; Karen Dynan, Harvard University; Richard Schmalensee, Massachusetts Institute of Technology; Maurice Obstfeld, University of California-Berkeley; Carl Shapiro, University of California-Berkeley; William Spriggs, AFL-CIO & Howard University; Prasannan Parthasarathi, Boston College; Robert Blecker, American University; Anna Stansbury, MIT Sloan; Robert B. Williams, Guilford College; Paula Voes, Rutgers University; Emily Hoffman, Western Michigan University. Michael Reich, University of California, Berkeley; Rob Wassmer, California State University, Sacramento; Yana Rodgers, Rutgers University; Barry Bluestone, Northeastern University; Josh Bivens, Economic Policy Institute; John Schmitt, Economic Policy Institute; Juliet Schor, Boston College; Eileen Appelbaum, Center for Economic and Policy Research; Robert G. Williams, Guilford College; Barry Bosworth, Brookings Institution; Douglas Kruse, Rutgers Professor; Michael Ash, University of Massachusetts Amherst; Richard Murnane, Harvard University; Ben Zipperer, Economic Policy Institute; Janet Knoedler, Bucknell University; Daron Acemoglu, MIT; Robert Murphy, Boston College; Michael Garvey, Washington Center of Equitable Growth; David Cutler, Harvard University. Lisa Lynch, Brandeis University; Robert Pollin, University of Massachusetts Amherst; Ebru Kongar, Dickinson College; Sheldon Danziger, University of Michigan; Teresa Ghilarducci, The New School; Bernard E. Anderson, University of Pennsylvania; Peter Matthews, Middlebury College; Adam Hersh, Economic Policy Institute; Alan Aja, Brooklyn College (City University of New York); Clair Brown, University of California-Berkeley; Younghwan Song, Union College; Aaron Sojourner, Upjohn Institute for Employment Research; Krishna Dasaratha, Boston University; Larry Chimerine, Chase Econometrics and the Wefa Group (formerly); Arindrajit Dube, UMass Amherst; Valerie Wilson, Economic Policy Institute; Carolyn Craven, Middlebury College; Chris Tilly, UCLA; John Shea, University of Maryland at College Park; Sarah Wilhelm, Western Governors University. Xavier Jaravel, London School of Economics; Jacob Robbins, University of Illinois at Chicago; Gernot Wagner, Columbia Business School; Jonathan Colmer, University of Virginia; Christopher Ruhm, University of Virginia; Joya Misra, University of Massachusetts, Amherst; Peter Schaeffer, West Virginia University; Nina Banks, Bucknell University; David Weil, Brandeis University; Gail Blattenberger, University of Utah; Dania Francis, University of Massachusetts Boston; Jeannette Wicks-Lim, University of Massachusetts, Amherst; Emmanuel Saez, University of California; Manuel Pastor, University of Southern California; Kate Bahn, Washington Center for Equitable Growth; Sean Reardon, Stanford University; Randy Albelda, University of Massachusetts Boston; Tim Smeeding, University of Wisconsin; Kenneth Peres, Communications Workers of America (retired); David Alexander, Illinois Action for Children. Monique Morrissey, Economic Policy Institute; Trevon Logan, The Ohio State University; Geoffrey Schneider, Bucknell University; Kimberly Clausing, UCLA School of Law; Paulette Olson, Wright State University; Henry Levin, Emeritus Professor at Stanford and Columbia; Frank Stricker, CSU Dominguez Hills; Laura Giuliano, UC Santa Cruz; Christopher Magee, Bucknell University; Gabriel Mathy, American University; Laura Tyson, UC Berkeley; Robert M. Anderson, UC Berkeley; James Stewart, New School; Siavash Radpour, The New School for Social Research, Schwartz Center for Economic Policy Analysis. Ignacio Gonzalez, American University; Esteban J. Quinones, Mathematica; Sylvia Allegretto, Economic Policy Institute; Rene Rosenbaum; Roger Myerson, University of Chicago; Paul Leigh, UC Davis; Lawrence Mishel, Economic Policy Institute Robert Scott Economic Policy Institute; Peter Eaton, UMKC; Candace Howes, Connecticut College; Gerald Epstein, University of Massachusetts Amherst; William Darity Jr., Duke University; Eva Paus, Mount Holyoke College.
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Ms. PELOSI. Another point I want to make is I hear them saying that this is going to be such a thing about the audits. Despite the Republicans' desperate falsehoods, this bill does not increase IRS audits on America's working families. The IRS commissioner himself, a Republican appointed by Donald Trump, said these resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans.
So there you have it.
So I would just say at the end of all of this, I ask these questions:
When you hear about what this means to America's working families, how can you vote against lowering healthcare costs and prescription drugs costs for seniors and underserved communities as we continue to fight inflation?
How can you vote with pharma at the cost of America's seniors and America's working families?
How can you vote against protecting future generations from rising sea levels, raging wildfires, and crippling drought?
How can you vote against reducing the deficit and asking billionaires, companies, and wealthy avoiders of taxes to pay their fair share?
I am not talking about people who work the system. I am talking about people who illegally do not pay their taxes.
So, Madam Speaker, every Member of this body is confronted with a choice. We either put people over politics or politics over people. For centuries, Members of Congress have stood exactly where we stand facing the exact same decision as they constructed the pillars of America's economy and safety: Social Security, Medicare, Medicaid, and the Affordable Care Act, things that the Republicans opposed all along the way.
This bill, the Inflation Reduction Act, a package for the people, increases the leverage of the public interest over special interests and expands the promise of health and financial security now and for generations to come.
Madam Speaker, I urge every Member to put aside their misunderstanding of this and vote for the Inflation Reduction Act as we send this historic legislation to President Biden's desk for signature this evening for him to sign into law.
Madam Speaker, under the visionary leadership of President Biden, Democrats have forged historic progress for America's families.
First, we enacted our life-saving American Rescue Plan: to propel us out of the pandemic by putting money in pockets, vaccines in arms, children safely back to school and people safely back to work.
Next, we secured a transformative Infrastructure package: to create good-paying union jobs rebuilding our nation--in a way that strengthens our middle class, advances justice and protects the environment.
This week, President Biden signed the CHIPS and Science Act, which declares our economic independence, strengthens our national security and enhances our families' financial future. We also honored the valiant service of our heroic veterans with the PACT Act.
And today, we proudly take another giant step in our momentous agenda.
Our Inflation Reduction Act is a robust cost-cutting package that meets this moment: ensuring that our families thrive and that our planet survives. HEALTH CARE: PRESCRIPTION DRUGS
This landmark legislation, which we send to the President's desk today, is a resounding victory for America's families--starting at the kitchen table.
Here's what the Inflation Reduction Act means to you in terms of health care.
If you are one of Medicare's 64 million enrollees, this bill will bring down your out-of-pocket costs for prescription drugs.
We do so by empowering the HHS Secretary to negotiate for lower drug prices--a long-standing House Democratic priority.
We do so by capping your out-of-pocket prescription drug costs at $2,000, so you will not pay one cent more for life-saving medication. This includes a $35 per month cap on insulin co-pays.
And we do so by banning drug manufactures from raising prices faster than inflation, protecting you against predatory price hikes.
Make no mistake: these provisions will strike a big blow to Big Pharma, while giving families more breathing room in their budgets. HEALTH CARE: ACA SUBSIDIES
At the same time, the Inflation Reduction Act also locks in lower premiums that Democrats secured in our Rescue package.
If you are one of 13 million working Americans who has affordable coverage under the ACA: you'll be able to keep your insurance--and you'll continue to save $800 per year on your premium.
Together, lowering the costs of prescription drugs and health premiums are vital strides in the fight for economic justice.
Indeed, these benefits will flow heavily to those most in need: vulnerable seniors, underserved communities and communities of color.
And in doing so, we honor the call of Dr. King, who said: ``Of all the forms of inequality, injustice in health is the most shocking and inhuman because it often results in physical death.'' IRA OVERVIEW
The Inflation Reduction Act is a plan divided into three parts:
first--as I just discussed--lowering the cost of prescription drugs and health care premiums
second, delivering the most consequential climate action in history
and third, dramatically reducing the deficit.
At the same time, this legislation advances President Biden and Democrats' relentless commitment to putting justice first.
And all of these crucial investments are fully paid-for by making sure the ultra-rich and biggest corporations pay their fair share.
To my House Democratic colleagues, make no mistake: this important progress rests on the foundation that we built--with the Build Back Better Act last fall and in the last Congress.
So let us salute the tenacious and tireless leadership of our Chairs, Members and staff, who helped make this joyous day possible. CLIMATE ACTION
The climate provisions in the Inflation Reduction Act will also make a meaningful difference for America's working families.
Our bill cuts carbon pollution by 40 percent by 2030--and powers our nation toward a clean energy future.
It's about health: clean air and clean water for our children
It's about jobs: 9 million good-paying union jobs
It's about security: preventing conflict over resources and habitat
And it's about values: passing on a healthy planet to future generations
As Pope Francis said earlier this summer, our planet has reached a ``breaking point'' in the fight against the climate crisis. As extreme weather continues to wreak havoc across our country and around the world, it is clear the costs of inaction far outweigh the costs of action.
This bill saves the planet, while keeping more money in your pockets.
For working families: you'll save an average of $1000 per year on your energy bills by the end of the decade.
For our farmers: this bill supports you in cultivating a diverse, climate-friendly agriculture system--which will help address food inflation.
For underserved communities: this bill invests $60 billion in environmental justice initiatives to ensure everyone will share in the benefits of our transition to a cleaner, greener economy.
In doing so, we ensure we not only mitigate a far more catastrophic future--but build a safe, sustainable planet for our children and grandchildren. DEFICIT REDUCTION
America's working families will also greatly benefit from the Inflation Reduction Act's historic investment to get our fiscal house in order.
This bill pays down the deficit by $300 billion over the first decade.
And nonpartisan analysis shows that it will reduce the deficit by nearly $2 trillion over two decades decade.
Here's what that means to you: slashing the deficit will drive down inflation in the long-term.
This builds on the progress Democrats have already forged: with our nation on track to slash the deficit by a record $1.5 trillion this year alone.
Meanwhile, Democrats' record of fiscal responsibility stands in sharp contrast to the Trump Tax Scam, which ballooned the deficit by nearly $2 trillion and left working families behind. PAYING THEIR FAIR SHARE
These monumental investments for our families--in health care, climate action and deficit reduction--are fully paid for by ensuring the biggest corporations and the wealthiest few pay their fair share.
Right now, families are being harmed by corporate profiteering with impunity: billion-dollar companies paying little-to-no taxes, while jacking up prices and refusing to fairly pay their workers.
That's why we're closing loopholes by implementing: a 15 percent corporate minimum tax only on billion-dolar companies; and a 1 percent tax on stock buybacks, which enrich executives and shareholders.
We're also taking on ultra-rich tax cheats, ensuring they can't continue to dodge what they owe to our nation: an estimated $160 billion each year.
Let me be clear: this bill does not raise taxes on anyone making less than $400,000 a year, honoring the President's promise to America's families.
And despite Republicans' desperate falsehoods, this bill does not increase IRS audits on America's working families.
Treasury Secretary Yellen has directed the IRS Commissioner not to increase the audit rate for households making under $400,000 a year.
And the IRS Commissioner himself--a Republican appointed by Trump-- said: ``These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans.'' FIGHTING INFLATION
The provisions in this legislation are a powerful force to fight inflation.
It is encouraging that prices at the pump have fallen for nearly sixty days straight--and that the latest data shows 0 percent inflation in July.
But Democrats know that higher prices still weigh heavy on America's families. And now, we take another strong step to further drive down kitchen table costs. OUTSIDE SUPPORT
But don't take my word for it.
Take the word of 126 economists--including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers and two farmer Treasury Secretaries.
In a letter urging passage of this bill, they wrote: ``These investments will fight inflation and lower costs for American families--while setting the stage for strong, stable, and broadly- shared long-term economic growth.'' PUBLIC SUPPORT
And proudly, the American people are with us:
Three-quarters support our action to lower prescription drug costs,
Two-thirds support our clean energy provisions,
60 percent support billion-dollar companies paying their fair share. GOP OPPOSITION
But sadly, our colleagues across the aisle clearly prefer to keep costs for families sky-high.
Senate Republicans unanimously voted against this bill. And now, House Republican Leaders are whipping against it.
Their opposition is unconscionable.
How could anyone vote against lowering health care costs on seniors and underserved communities as we continue to fight inflation?
How could anyone vote against protecting future generations from rising sea levels, raging wildfires and crippling droughts?
How could anyone vote against reducing the deficit or asking billiondollar companies and wealthy tax cheats to pay their fair share? CLOSE: PEOPLE OVER POLITICS
Madam Speaker, today, every Member of this body will be confronted with a basic choice. Will you put People Over Politics--or Politics Over People?
For centuries, Members of Congress have stood exactly where we stand now, facing this exact same decision, as they constructed the pillars of the American economy and society. Social Security. Medicare and Medicaid. The Affordable Care Act.
Today, the Congress carries forward this all-American tradition.
The Inflation Reduction Act is a package For The People:
Increasing the leverage of the public interest over the special interest,
And expanding the promise of health and financial security, now and for generations to come.
So I urge every Member to put aside partisan difference--put People Over Politics--and vote YES on the Inflation Reduction Act, as we send this historic legislation to President Biden's desk for his signature.
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