Garamendi Votes for Inflation Reduction Act, Sends Bill to President's Desk

Press Release

Today, Congressman John Garamendi (D-CA) voted to pass the "Inflation Reduction Act of 2022" (H.R. 5376) in the U.S. House of Representatives. The legislation already passed the U.S. Senate and passed the House today by a vote of 220 to 207. The legislation provides the single largest investment to combat climate change ever, saves Americans an average of $220 in home energy costs each year, reduces inflation, lowers healthcare costs, and closes tax loopholes that giant corporations exploit to pay a lower tax rate than the middle-class. Not a single Republican in the House or Senate voted for this historic support for working Americans.

The legislation now heads to President Biden's desk to be signed into law.

"When President Biden and Congressional majorities in the U.S. House of Representatives and the U.S. Senate were sworn in during January of 2021, we vowed to deliver historic progress for the American people that meets the unprecedented challenges we currently face as a country," Garamendi said. "In less than two years, President Biden and Congressional Democrats passed the American Rescue Plan--which distributed live-saving vaccines and therapeutics against COVID-19 and helped our economy recover and reach new heights--the Infrastructure and Jobs Act--which will completely rebuild and modernize our crumbling infrastructure for the 21st century using American materials and workers--and today we have passed the "Inflation Reduction Act" to provide a once-in-a-generation boost to the middle-class and the fight against the climate crisis.

"The "Inflation Reduction Act' provides over $369 billion--the single largest investment ever--to tackle the climate crisis. With the clean energy programs funded in this bill, we will reduce greenhouse gas emissions by 40% by 2030. This critically important funding will make the air we breathe and the water we drink cleaner and spur a once-in-a-generation investment in research and technology to mitigate the risks posed by climate change. Areas like the I-80 Biomanufacturing research corridor in my Congressional District will benefit from the $2 billion in the legislation to accelerate breakthrough energy research, the $27 billion to support the deployment of new technologies to reduce pollution, and the $60 billion in environmental justice priorities to drive investments into disadvantaged communities in the Bay Area," Garamendi continued.

"The legislation also invests $300 billion to reduce the deficit and tackle inflation. This will help everyday Americans afford cheaper gas, groceries, and other essential goods," Garamendi continued.

"The "Inflation Reduction Act' also turns the decades-long dream of allowing Medicare to negotiate cheaper prescription drug prices into a reality--saving Americans hundreds of dollars on their prescriptions. The legislation also lowers healthcare premiums through the Affordable Care Act to help Americans save money on good-quality healthcare," Garamendi continued.

"Importantly, this legislation achieves all of this without raising taxes on Americans making less than $400,000 and creates no new taxes on small businesses. The bill also closes several egregious tax loopholes that allow the richest corporations to pay a lower tax rate than middle-class families," Garamendi continued.

"There are those who will try to downplay the significance of this bill. Make no mistake: this is the single greatest investment to combat the climate crisis and support the middle-class ever. It achieves this all while reducing the inflationary pressure that is squeezing the paychecks of millions of Americans. President Biden and Congressional Democrats promised to deliver generational change, and that's exactly what we've done today by passing the "Inflation Reduction Act,'" Garamendi concluded.

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