Rush Lauds Inflation Reduction Act Becoming Law (Washington, DC) — U.S. Representative Bobby L. Rush (D-Ill.), Chair of the House Energy and Commerce Committee’s Energy Subcommittee, celebrated President Joe Biden signing the Inflation Reduction Act (IRA) into law. The bill will directly lower costs for families, invest hundreds of billions to make sure that America’s energy is clean and secure, and reduce the deficit by over $300 billion. The legislation also includes energy provisions that Rep. Rush championed in the Energy Subcommittee.
“American working– and middle–class families have been suffering due to the rise of inflation that makes everyday purchases more and more unattainable. Although the pandemic’s global supply-chain issues and Putin’s immoral war caused these problems, Congress has the responsibility to ease the enormous financial burdens facing American families,” said Rep. Rush. “I applaud the Inflation Reduction Act becoming law, as it provides crucial relief to my constituents who are strained by inflation — all in manner that promotes fiscal responsibility. I made sure that this package will improve the lives of every constituent of mine in the First District, as well as all of the families already struggling to survive on modest incomes.”
The IRA, which passed the House on August 12 and the Senate on August 7, seeks to combat the rise of inflation by targeting the following areas:
- Lowering Healthcare Costs. By targeting essential expenses, especially in the areas of health, the IRA prevents Americans from being forced to choose between paying for life saving medication or paying bills. The legislation lowers healthcare costs by extending affordable health care Affordable-Care-Act subsidies for three years, lowering healthcare premiums to save 13 million Americans an average of $800 a year. The legislation also will make prescription drugs more affordable by allowing Medicare to negotiate the price of prescription drugs, preventing excessive price hikes, and capping out-of-pocket costs to $2,000. Specifically, IRA caps insulin at $35 per month for Medicare beneficiaries.
- Lowering Utility Costs, Investing in Energy Security, and Upgrading our Climate Change Fight. The IRA invests more than $350 billion on critical projects to combat climate change and lower energy costs for Americans — the largest climate investment in American history. The IRA provides $9 billion, focused on low-income Americans, to make homes more efficient, and extends tax credits for a decade focused on making heat pumps, rooftop solar, and other energy-saving devices more affordable for everyone.
- Paying Down the Deficit. The IRA will fight inflation and help secure our nation’s fiscal future by dramatically reducing the national debt by $300 billion — a historic amount.
- Making Sure Corporations Pay Their Fair Share. The IRA updates our tax code to create more equitable tax system. Wealthy individuals and corporations will no longer be able to dodge paying their fair share. The IRA will also eliminate loopholes and implement a minimum 15 percent corporate that applies to the 150 corporations earning over $1 billion in profits.
Provisions in the Inflation Reduction Act that originated in Rep. Rush’s Energy Subcommittee include over $30 billion in investments, unlocking the Department of Energy’s ability to deploy clean energy technologies across the country. These investments include:
- $9 billion to increase the efficiency of homes across America by providing rebates to consumers for purchasing energy-efficient appliances and technologies.
- Nearly $3 billion for loans and siting assistance to build electric transmission lines that will form the backbone of a 21st century clean-energy economy.
- Almost $12 billion in loan subsidies that can unlock nearly $300 billion in direct loan and loan guarantee authority allowing the DoE to finance novel clean energy projects, projects to reduce automobile GHG emissions, and projects to transform and clean up former fossil fuel facilities and enable those communities to benefit from the clean energy transition.
Additionally, Rep. Rush was responsible for the inclusion of $50 million to clean up air pollution near public schools.
“I am also pleased to see the inclusion of many provisions I shepherded through the Energy and Commerce Committee last year.” said Rep. Rush. “In order to effectively fight Climate Change, we must substantially invest in clean energy now, while also making energy-efficient technology more accessible and eventually standard in every American home. Children deserve to breathe clean air in schools, and we must act quickly to guarantee that right for generations to come. These steps will greatly benefit the health and wallets of average Americans, and I am encouraged that these key elements are included in the historic piece of legislation.”
On August 2, 126 economists sent a letter to Democratic and Republican leadership in both chambers, strongly urging them to “swiftly pass” the IRA as the legislation “addresses some of the country’s biggest challenges at a significant scale,” while also “putting downward pressure on inflation” and “setting the stage for strong, stable, and broadly-shared long-term economic growth.”
Rush Lauds Inflation Reduction Act Becoming Law