WASHINGTON—Today the U.S. House of Representatives passed the historic Inflation Reduction Act to fight inflation, invest in domestic energy production and manufacturing, and lower the cost of health care for millions of Americans. This legislation will now head to the President’s desk to be signed into law. The bill includes a major provision Congresswoman Murphy helped to craft that will allow Medicare to negotiate with drug manufacturers and caps out of pocket expenses. This bill will significantly lower the price of prescription drugs for American families, especially seniors, without hurting the ability of American scientists and researchers to create new medicines that save, extend, and improve lives.
“At a time when so many people across Florida and the nation are struggling to make ends meet and are worried about the future, I am proud to help pass the Inflation Reduction Act,” said Murphy. “Along with historic investments to fight climate change, this bill includes a major provision I helped to negotiate that will finally lower prescription drug prices for American families, without hurting our nation’s ability to develop new medicines. Crucially, this legislation is also fiscally disciplined and is expected to reduce our nation’s dangerously high deficit by $300 billion over the next 10 years.”
The Inflation Reduction Act also contains significant investments to combat climate change and extreme weather events, which are an existential threat to our planet, economy, and national security.
Finally, the bill will help the 2.7 million Floridians who receive health insurance through a private exchange plan by extending the financial assistance they receive to lower their monthly premiums.