Hoyer Statement on Senate Passage of the Inflation Reduction Act

“In spite of Republicans’ efforts to block it, the United States Senate today passed one of the most consequential pieces of legislation in years, which will help ease inflation, lower health care costs for Americans, and deliver on Democrats’ promises to tackle the climate crisis in a way that lowers Americans' energy costs and strengthens our economy.  The Inflation Reduction Act will accomplish these goals while also reducing the deficit, requiring the wealthiest corporations to pay their fair share, and ensuring that anyone earning less than $400,000 a year doesn't pay a penny more in taxes.
 
“After years of persistence fighting to lower health costs, this legislation finally gives Medicare the tools and authority to negotiate for lower prescription drug prices, caps seniors out of pocket drug costs at $2,000 annually, and extends the highly effective ACA subsidies that Democrats enacted through the American Rescue Plan last year which have greatly expanded access to affordable coverage. 
 
“Now that the Senate has taken action, the House will return to pass the Inflation Reduction Act.  Once again, just as we did with the American Rescue Plan, the Bipartisan Infrastructure Law, and the CHIPS and Science Act, our Democratic House Majority is putting people over politics to send President Biden major legislation to grow our economy and ensure our people have the tools they need to Make It In America."