Congressional Black Caucus Statement on House Passage of the Historic Inflation Reduction Act

Congresswoman Joyce Beatty

Last week, Congressional Black Caucus Chairwoman Joyce Beatty (OH-03) and the Congressional Black Caucus released the following statement:

“With today’s passage of the Inflation Reduction Act, we are one step closer to reducing costs for consumers, combating climate change, and ensuring a fairer tax code, all while lowering the deficit.

This is an historic piece of legislation that will improve the lives of working families by reducing the costs of prescription drugs and health care.  Medicare will soon be able to negotiate prescription drug prices and cap out-of-pocket costs, and the Affordable Care Act, which covers millions of Americans, will see an additional three years of subsidies.

The threat of climate change has never been greater, and today’s vote represents the largest-ever Congressional investment to tackle the climate crisis, reducing America’s carbon footprint and expanding green energy.

This is particularly meaningful for Black Americans, who have been overburdened by the lack of investment and uncontrolled pollution in our communities. The CBC is proud of the provisions in this bill that address pollution and aid low-income families to make their homes energy efficient.

The Inflation Reduction Act ensures the biggest corporations finally pay a fairer share without increasing taxes on families making under $400,000 a year. Moreover, this bill will reduce the deficit beyond the record setting $1.7 trillion deficit reduction this year, furthering the Democratic effort to tamp down inflation.

Today is a win for the communities we represent and the issues that we champion.  With his signature, President Biden and Congressional Democrats will have made historic progress fighting inflation and lowering costs for the American people.”