Rep. Veasey (TX-33) Helps Pass Inflation Reduction Act to Lower Costs, Fight Inflation, and Reduce the Deficit for North Texans

Press Release

Today, Rep. Veasey joined his colleagues to pass the Inflation Reduction Act that will lower Texas families' everyday costs, create millions of good-paying jobs by delivering the most significant action on climate in history, and reduce inflation.

"Today, we delivered on our promise to cut costs and help working families here in North Texas and across America," said Rep. Veasey. "The Inflation Reduction Act will finally allow Medicare to negotiate prescription drug prices, a common-sense measure that I have been fighting for since I have been in Congress because people of all ages in Texas' 33rd district are struggling to afford their much-needed prescriptions. This legislation also takes meaningful action to lower energy costs and combat climate change, helping us to achieve energy independence and create good-paying jobs for people across Texas."

"The Inflation Reduction Act achieves these critical goals in a way that brings down the deficit and fights inflation. I am proud to have worked with my colleagues to get this much-needed legislation over to President Biden to be signed into law," continued Rep. Veasey (TX-33).

The Inflation Reduction Act will:

Lower prescription drug prices: By finally enabling Medicare to negotiate the price of prescription drugs, prevents excessive price hikes, and caps out-of-pocket costs for recipients to $2,000.
Lower the cost of health care: By reducing the cost of health care for millions by extending ACA subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.
Lower energy costs and delivers the largest-ever climate action: By investing in domestic energy production and manufacturing while reducing carbon emissions by roughly 40 percent by 2030 with historic investments in energy security and tackling the climate crisis.
Lower the deficit and helps fight inflation: By making a historic down payment on deficit reduction of approximately $300 billion to fight inflation.

The legislation now heads to President Biden's desk to be signed into law.

Source