Today, the House of Representatives approved the Senate Amendment to H.R. 5376, the Inflation Reduction Act of 2022. This groundbreaking legislation will lower costs for millions of Americans – building on state-level relief efforts already instituted by Governor Janet Mills and Maine’s own legislature. The bill is designed to reduce inflationary pressure on the economy, is fully paid for and – in fact, will reduce the federal deficit. Both Congresswoman Chellie Pingree and Congressman Jared Golden cast votes in favor of the legislation.

“Lowering the cost of healthcare and capping the cost of prescription drugs are among the most effective ways to provide much-needed relief to some of the most vulnerable members of our community: low income Mainers and older Mainers. These provisions, combined with the most significant action to address the climate crisis in our nation’s history, promises a brighter future for all,” said Drew Gattine, Maine Democratic Party Chair. “While the Republicans are spreading lies and pushing attacks on our basic human rights, the passage of the Inflation Reduction Act makes clear that there’s only one party committed to improving the lives of Americans.”

The Inflation Reduction Act, as passed by the U.S. House of Representatives:

  • Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000

  • Saves 13 million Americans, covered under the Affordable Care Act, $800 per year on their health insurance premiums.

  • Tackles inflation by lowering the deficit and lowering costs for regular families.

  • Takes the most aggressive action in history to combat the climate crisis.

  • Strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers.

The above provisions are paid for by establishing a minimum corporate tax so that our richest corporations start to pay their fair share. It does not raise taxes on those making under $400,000 a year.  

Prior to the bill’s passage, Congresswoman Pingree released a video statement explaining the Medicare prescription drug provisions of the Inflation Reduction Act. Congressman Jared Golden’s Medium post about why he supported the bill can be found here.

###