Adams Celebrates Passage of the Inflation Reduction Act of 2022

WASHINGTON, D.C. – Today, Congresswoman Alma Adams (NC-12) voted for final passage of H.R. 5376, the Inflation Reduction Act of 2022. This historic package lowers the cost of health care, cuts prescription drug costs, shrinks the deficit, and makes the country's largest-ever investment in fighting man-made climate change.

“The Inflation Reduction Act will help ensure a healthier, sustainable, equitable future our neighbors in North Carolina and across the country,” said Rep. Adams. “I am proud House and Senate Democrats came together to pass legislation to reduce inflation; lower health care, prescription drug, and energy costs; ensure that the largest corporations pay their fair share of taxes; make the largest investment to combat climate change in American history; and reduce the deficit.

“I applaud the Biden Harris Administration for their leadership, and look forward to President Biden signing the Inflation Reduction Act into law. However, there is still work to be done. In an earlier draft of the reconciliation package, we secured $3 billion for Historically Black Colleges and Universities. That funding was not in the legislation passed today, making it even more urgent we pass the IGNITE HBCU Excellence Act.”

The Inflation Reduction Act will lower the cost of healthcare, slash the price of prescription drugs, make the country's single-largest investment in combating climate change, and dramatically reduce the deficit. The bill:

• Lowers the cost of health carefor millions by extending ACA enhanced subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year and lowering drug prices.
   
• Slashes prescription drug costs by empowering Medicare to negotiate the price of prescription drugs; requires drug companies to pay Medicare rebates if they raise prices faster than the rate of inflation starting in October 2022; and creates a new out-of-pocket cap for Part D drug costs for Medicare beneficiaries of $2,000 a year, starting in 2025.
   
• Lowers the deficit and reduces inflation by making a historic down payment on deficit reduction of approximately $300 billion to fight inflation.
   
• Fights climate change by investing in tax credits and incentives to subsidize the cost of clean energy and energy-efficient improvements, further creating green jobs.

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