Watch President Biden’s remarks here: https://twitter.com/POTUS/status/1558234907058573312?s=20&t=sfZrt5zfPvXCqttfM70teA

Because of this, we will lower the cost of prescription drugs for our seniors and reduce health insurance premiums for 13 million Americans. We will make the largest investment in our nation’s history to address the climate crisis, creating good-paying, union jobs in wind, solar, and electric vehicle manufacturing. We will lower energy bills for working families and support environmental justice. And, the legislation is fully paid for by finally ensuring the wealthiest corporations pay their fair share. This is an historic achievement for our country that will directly benefit millions of Americans.

Unfortunately, not a single Republican in Congress voted for the package. Not a single Republican voted to lower the cost of prescription drugs, reduce health insurance premiums, make investments to address the climate crisis, tackle inflation, or require the wealthiest corporations to pay their fair share.

In the 18 months since President Biden and I took office, we have created nearly ten million jobs, and helped to rescue small businesses; begun upgrading our roads and bridges and removing lead pipes; and we are making sure high-speed internet is available and accessible for all Americans. There is more work to do. But it is clear our nation is moving in the right direction.

These achievements reflect the determination of the American people and the vision President Biden and I laid out at the beginning of our Administration to take on the challenges of today and build a strong, prosperous future for America.

Click here for Vice President Harris’ Statement: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/12/statement-from-vice-president-harris-on-the-inflation-reduction-act/

• Lower health care costs – saving about 13 million Americans $800 per year.
• Lower prescription drug costs – capping out of pocket expenses on prescription drugs for seniors at $2,000 per year, capping insulin for Medicare patients at $35 per month, and finally letting Medicare negotiate prices.
• Lower energy costs – saving families $500 per year on energy bills.

And, the Inflation Reduction will:

• Tackle the climate crisis as the most significant legislation in U.S. history to cut pollution, advance environmental justice, and improve American energy security.
• Create good-paying jobs –making solar panels, wind turbines, and electric vehicles across the country.
• Reduce the deficit by hundreds of billions and stopping fiscal recklessness and
• Make the tax code fairer – cracking down on the wealthiest and largest corporations so they pay their fair share. And, no one making under $400,000 per year will pay a penny more in taxes.