Beatty Votes for Democratic Package to Lower Costs, Fight Climate Change, Reduce Deficit
Historic reconciliation bill crafted to fight inflation and lower costs for Americans now heads to President Biden’s desk
WASHINGTON, D.C. — Today, U.S. Congresswoman and Congressional Black Caucus Chair Joyce Beatty (OH-03) joined her Democratic colleagues in voting to pass the Inflation Reduction Act, historic legislation that will lower families’ household costs, create millions of good-paying jobs, and deliver the most significant climate legislation in history, all while dramatically reducing the deficit.
“Today’s passage of the Inflation Reduction Act may prove the most impactful of the many substantial legislative accomplishments made on behalf of everyday Americans during the Biden Era,” said Beatty. “This is the most significant piece of climate legislation in history, a life-changing investment in American health care, and a reinvestment in American energy that also fights inflation without increasing taxes for average American families. We are creating jobs and making sure the money families bring home can stretch as far as it used to. While some in Washington quietly cheer on inflation and deny the very existence of the climate crisis, Democrats are delivering solutions to the issues imperiling our future.”
Highlights of the Inflation Reduction Act include:
● Combating climate change and pollution with new grants, incentives, and tax credits
● Lowering the cost of health care by extending ACA subsidies
● Capping Medicare out-of-pocket prescription costs at $2,000 per year
● Fighting inflation and lowering the deficit by $300 billion
Leading economists, including Nobel Prize winners and former Treasury secretaries, Council of Economic Advisors chairs and a Congressional Budget Office (CBO) director,agreethat by reducing the deficit, the Act will place downward pressure on inflation. The nonpartisanCommittee for a Responsible Federal Budget andMoody’s Analytics also conclude that the Act will reduce inflationary pressure. CBO estimated ahead of the Senate vote that the Act will reduce the deficit by more than$300 billionover the next decade, while the Committee for a Responsible Federal Budget estimated that it will reduce the deficit by almost$2 trillionover two decades.
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