Bustos Joins President Biden to Celebrate Passage of the Inflation Reduction Act

Transformative new law lowers health care and energy costs, increases domestic energy production and pays down the national debt

WASHINGTON — Today, Congresswoman Cheri Bustos (IL-17) released the following statement after joining President Joe Biden at the White House to celebrate the signing of the Inflation Reduction Act. The new law will lower families’ health care, prescription drug and energy costs; all while reducing the national debt by $300 billion to ease inflation. 

“Soaring prescription drug and health care costs have been holding Americans back for too long. With the Inflation Reduction Act, President Biden and Congressional Democrats are delivering on our promise to bring down costs for hardworking families. 

“This historic legislation will reduce costs by finally allowing Medicare to negotiate prescription drug prices, capping out-of-pocket costs for seniors at $2,000 a year and extending key Affordable Care Act assistance. 

“In the months and years ahead, hardworking families will have more money in their pockets thanks to this law. And with unprecedented investments in 21st-century energy infrastructure, our planet will have a brighter future.” 

The Inflation Reduction Act is historic legislation that will lower families’ kitchen-table costs, create millions of good-paying jobs, protect the environment and reduce the national debt. Here’s what this bill delivers: 

  • Lower prescription drug prices: the Inflation Reduction Act finally allows Medicare to negotiate the price of prescription drugs, prevents excessive price hikes and caps out-of-pocket costs to $2,000 for seniors.
  • Affordable health care: the Inflation Reduction Act reduces the cost of health care for millions of families by extending Affordable Care Act subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.
  • Reduced energy costs and historic emission reductions: the Inflation Reduction Act invests in domestic energy production and manufacturing to reduce carbon emissions by roughly 40 percent by 2030 with historic investments in energy security and tackling the climate crisis.
  • Cuts to the national debt to help fight inflation: the Inflation Reduction Act makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.