Washington, D.C.— Moments ago, the U.S. House of Representatives passed landmark legislation, the Build Back Better Act (H.R. 5376). This reconciliation bill was spearheaded by House Budget Chairman John Yarmuth (D-KY-03) and will deliver fully paid for, pro-growth, and essential investments.
A statement from Chairman Yarmuth is below:
“This is quite simply the greatest investment in American families in generations,” Chairman Yarmuth said. “It will lower costs, lower taxes, and ease the mounting financial burdens of everyday life in the 21st century. Millions of good jobs will be created, and we will finally give the climate crisis the resources and attention necessary to save the planet.
“There is virtually no American trying to get ahead whose life will not be improved by the Build Back Better Act, in the coming months and for decades to come, and I could not be prouder to be the lead sponsor of this transformational legislation.”
The Build Back Better plan includes:
- The largest investment in child care in the nation’s history, saving most working American families more than half of their spending on child care;
- Guaranteed universal pre-school for all three-and four-year olds, the first expansion of basic public education in our country in 100 years;
- Our nation’s largest investment ever to combat the climate crisis;
- Capping annual out-of-pocket prescription drug costs under Medicare at $2,000, saving more than a million seniors an average of $1,200 a year;
- An expansion of the Affordable Care Act so that those who have been locked out of Medicaid can get good coverage, and then requiring all insurance companies to provide insulin for no more than $35 a month;
- The single largest and most comprehensive investment in affordable housing in U.S. history, and;
- One of the largest middle class tax cuts in our nation’s history.
The House Budget Committee’s summary report of the Build Back Better Act can be found here.
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