A bill in the U.S. Senate addressing climate change, taxes, health care and inflation is finalized and named the Inflation Reduction Act of 2022.
Senator Chris Coons’ video statement Wednesday celebrated a months-long effort to come to an agreement with West Virginia Senator Joe Manchin, who blocked several versions of the bill over spending concerns.
“I just called Joe Manchin, just spoke to Senator Schumer and spoke earlier today to President Biden to congratulate them on coming together around a bold reconciliation package," Coons said. "A legislative deal that. look forward to supporting here in the Senate."
The package, Coons says, will cut the federal deficit by over $300 billion while investing $369 billion in energy security and climate change projects and $64 billion to extend the Affordable Care Act through 2025.
“It'll be the biggest deal to combat climate change we've ever done," he said. "It'll cut emissions by 40% in the next eight years, it'll reduce our deficit by $300 billion, it will allow Medicare to negotiate for prescription drug prices for the first time, and it will extend by three years, help [through the Affordable Care Act] for 14 million Americans to afford health care.”
Senator Tom Carper also released a statement praising the bill, which he says is an answer to everyone’s prayers for a better future and the most ambitious climate bill ever enacted, putting the nation on track to cut emissions by 40 percent by 2030.
But at its core, Carper says, the most important aspect is keeping health insurance affordable and making sure that corporations and the ultra-wealthy pay their fair share in taxes.
There are no new taxes on families making $400,000 or less or on small businesses in the bill.
The bill will also lower the price of prescription drugs, allowing Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000. Earlier this month, Coons said Manchin supported this part of the bill, and would pass legislation addressing drug costs regardless of agreements on addressing climate change.
The U.S. Senate plans to vote on it next week through reconciliation to avoid a Republican filibuster, provided there is unanimous support among the party’s Senators.
