Schrader Issues Statement on the Inflation Reduction Act

Statement

U.S. Congressman Kurt Schrader (OR-05) issued the following statement after voting for the Inflation Reduction Act:

I have been particularly concerned about the cost of our health care system and have championed efforts to reign in the cost of prescription drugs throughout my tenure in the United States Congress.

The prescription drug price reduction framework in the Inflation Reduction Act is the culmination of years of work by my team in finding a solution that reduces costs, especially for fixed-income seniors, yet still keeps drug research and innovation alive in the United States.

This legislation not only allows Medicare to negotiate drug prices for the first time ever, but keeps existing drug price increases to the rate of inflation and limits seniors' out-of-pocket drug costs to $2000 a year while protecting America's preeminence in pharmaceutical research.

After seeing previous drug price reduction efforts fail time and time again, a small group of dedicated House members with my leadership worked closely with key Senators to formulate the core of what is now the prescription drug price reduction portion of the Inflation Reduction Act.

The Medicare drug cost reductions will be transformative for our seniors. No longer will seniors face the debilitating cost of the "donut hole' or catastrophic phase. This legislation shares the financial burden seniors face with pharmaceutical and insurance companies. Further, this legislation makes the biggest improvement to Medicare since the inception of Part D almost 20 years ago that got Medicare to cover some of seniors' prescription drug costs.

This legislation is also fully paid for and will not only dramatically reduce costs for seniors but taxpayers as well with this portion of the IRA reducing our deficit by close to $300 billion by itself. Given Medicare's precarious financial position this savings to the program is huge for the overall viability of Medicare going forward.

Additional tax changes in the legislation will have billion dollar companies finally pay their fair share with at least a 15% minimum tax. The fact that these provisions will help pay for keeping ACA subsidies for middle class Oregonians and an "all of the above' climate change initiative is icing on the cake.

I am very proud at the end of my congressional career to have been a leading voice and advocate for this life changing legislation which now heads to the President's desk to be signed into law.

Source