WASHINGTON, D.C. – Today, Kentucky Congressman John Yarmuth, Chair of the House Budget Committee, delivered remarks on the House Floor at the outset of debate on the Inflation Reduction Act of 2022 (H.R. 5376). Remarks as prepared and video are below:
(Click image for full video of the Chairman’s statement)
Mr. Speaker, the legislation before us today is a big deal for American families and a big deal for our planet.
The Inflation Reduction Act will lower health care costs and energy costs for American families. It will allow Medicare to negotiate lower prescription drug prices and cap drug costs for seniors, saving many Medicare beneficiaries hundreds — if not thousands — of dollars each year.
This legislation finally makes the biggest corporations start paying their fair share in taxes. And it ensures that rich tax cheats start paying what they owe.
The Inflation Reduction Act is fiscally responsible, fully paid for, and has been strongly endorsed by top U.S. economists across the political spectrum.
Not one American family making less than $400,000 dollars a year will see their federal tax bill increased by this legislation.
The Inflation Reduction Act is also the biggest investment the U.S. government has ever made to combat climate change. It leapfrogs us ahead of nearly every other country in terms of our commitment to tackling this crisis.
Now, we’ve seen a lot of Republicans spreading misinformation about this legislation. And it’s for one reason and one reason only — they’re scared. They know the provisions of this bill are overwhelmingly popular. Yet because they consider it a “Democratic bill,” every single one of them will be voting against it.
This is a crystal-clear example of Republicans putting party before country.
Just look at the numbers. 77 percent of Americans support placing caps on prescription drug prices to lower health care costs — that’s a key component of this bill. 83 percent of Americans support allowing Medicare to negotiate drug prices to make health care more affordable — that’s another key component of this bill. Two-thirds of Americans think the government should do more to combat climate change — this bill takes on climate change with the urgency it deserves.
By opposing this bill, Republicans are making it very clear where they stand: not with the American people. Not with their priorities or needs — but with Big Pharma. With corporate lobbyists. With tax cheats.
The American people are on our side. They want this bill. And today, in a huge victory for them, we will send it to the President’s desk to be signed into law.
And let me remind my Republican colleagues what they are voting against. They are voting against cutting prescription drug prices for their constituents, in many cases for life-saving medication. They’re voting against combating inflation and lowering energy costs when American families are desperate for us to take action. And they’re voting against providing the largest federal investment ever to combat the climate crisis and its life-threatening consequences.
I could not be more proud that I will not only be voting yes on this bill, but that this historic legislation will bear my name.
With or without Republican support, today, we will make a real difference. We will use the power of the federal government to make American lives better and our country and planet safer. In other words, we will do our job.
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