Pappas Continues Fight to Lower Costs for Granite Staters with Passage of Inflation Reduction Act

Press Release

Today, Congressman Chris Pappas (NH-01) issued the following statement after helping to pass the Inflation Reduction Act:

"As I speak to Granite Staters across the First District, nothing is more critical than the need for us to take action to address kitchen table issues and lower everyday costs. I've spoken with seniors who have delayed retirement due to high drug costs and families who have had to share prescriptions, ration doses, or cut pills in half because they can't afford life-saving medications. I've met with families who are worried about how they'll afford heating oil this fall. And I've seen firsthand how climate change is impacting not just our environment, but our way of life in New Hampshire through rising temperatures, increased flooding, and stronger storms that have damaged our infrastructure."

"This legislation takes on the big drug companies to cap prescription drug costs and extends important tax credits to lower health care premiums. It will lower energy costs and ensure we can achieve energy independence while also reducing our emissions. And while we take these important steps forward, this legislation will also reduce our deficit and fight inflation."

The Inflation Reduction Act will:

Lower the cost of health care and prescription drugs. This legislation will reduce premiums by an average of $1,000/year for a family with coverage through work and an average of $1,500/year for families with coverage through an exchange by fixing the "family glitch' and extending and further expanding the health insurance premium tax credits provided in the American Rescue Plan Act. This legislation also heeds Pappas's call to lower prescription drug prices by allowing Medicare to negotiate prescription drug prices, preventing drug companies from raising prices faster than the rate of inflation, capping out-of-pocket costs for seniors on Medicare at $2,000 per year; and capping out-of-pocket costs for insulin for people on Medicare at $35 for a 30 day supply.
Lower energy costs and support U.S. manufacturing. This legislation will extend tax credits for renewable energy, bringing down energy costs for consumers, while also supporting U.S.-based manufacturing by incentivizing the use of steel, iron, and manufactured products made in America in renewable energy projects.
Protect New Hampshire's environment for generations to come. This legislation will take critical steps forward to reduce emissions, combat the climate crisis, and invest in resilient infrastructure; helping to protect New Hampshire's environment and our tourism economy.
Fight inflation. Analysis found that the passage of this legislation will help the Federal Reserve fight inflation without causing a recession.
Reduce the deficit. Analysis found the Inflation Reduction Act is fully paid for and will reduce the deficit by more than $300 billion.

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