Washington, DC — Today, Representative Lucy McBath (D-GA) and the House of Representatives voted to pass the Inflation Reduction Act, historic legislation to lower everyday costs for American families, create millions of good-paying jobs, and deliver the most significant action on climate—all while tackling inflation by lowering the deficit. The package previously passed the Senate and now heads to President Biden’s desk to be signed into law.
The bill includes a measure led by Rep. McBath and Senator Warnock to cap the costs of insulin and lower the prices American families pay for the life-saving prescription drug. Under this package, more than 100,000 Georgians will have their insulin copays capped at $35 per month.
“American families work hard, and they deserve to be able to afford their medicines and raise their children in a cleaner, greener, and healthier environment. This bill helps them do that—it makes health care more affordable, tackles climate change, creates new, good-paying jobs, and brings down the costs of medicine and household items for every single American,” said McBath. “I'm proud this will also include a measure to cap the cost of insulin, a policy I've continued to fight for.”
- Lowers prescription drug prices: finally enables Medicare to negotiate the price of prescription drugs, prevents excessive price hikes, and caps insulin costs and improves access to vaccines and biosimilars and increases support for low-income beneficiaries. Beginning in 2023, Medicare beneficiaries will have their out-of-pocket costs for insulin capped at no more than $35 per month.
- Lowers the total cost of health care: reduces the cost of health care for millions by extending ACA subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.
- Lowers energy costs and delivers largest-ever climate action: invests in domestic energy production and manufacturing, while reducing carbon emissions by roughly 40% by 2030 with historic investments in energy security and tackling the climate crisis.
- Lowers the deficit and helps fight inflation: makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.