Today, Kentucky Representative John Yarmuth, Chair of the House Budget Committee, issued the following statement after the House passed the Inflation Reduction Act of 2022 (H.R. 5376) by a vote of 220-207:
"For decades, the cost of basic necessities like health care and prescription drugs have skyrocketed, leaving too many families struggling to make ends meet. Now, persistent supply chain issues and Russia's war in Ukraine have driven up household costs even further, undermining the economic security of millions of America's working families.
"The Inflation Reduction Act is the right bill for this moment, historic legislation that will lower the cost of prescription drugs and health care and invest in cleaner, cheaper energy for American families. This legislation will finally make the biggest corporations start paying their fair share in taxes, and -- as our nation's top economists have confirmed -- it will reduce inflationary pressures in our economy.
"The provisions in this bill -- capping out-of-pocket drug costs and empowering Medicare to negotiate lower drug prices for American seniors, extending ACA subsidies, and tackling the climate crisis -- are overwhelmingly popular with the American people. They are longstanding priorities for American families, have been thoughtfully deliberated, and, in many cases, have been in the legislative pipeline for years.
"This bill is a triumph for the American people and for our planet. I am immensely proud to have my name on it."