Rep. Welch Votes to Pass Historic Legislation to Fight Climate Change, Lower Health Care Costs, and Cut Household Expenses

Press Release

Today, Congressman Peter Welch (D-VT) voted to pass the Inflation Reduction Act (IRA), a landmark bill that will combat climate change, cut the cost of prescription drugs, extend Affordable Care Act subsidies, lower the federal deficit, and build a fairer tax code. Throughout his time in Congress, Rep. Welch has been an advocate for seniors, working families, and our environment. This bill takes a huge step forward for all Americans and our planet.

The Inflation Reduction Act will help the United States reduce its carbon emissions by 40% by 2030. It will also cap out-of-pocket prescription drug costs at $2,000 per year for Medicare beneficiaries and allow Medicare to negotiate lower drug prices, slashing the skyrocketing drug costs that have overburdened our seniors for far too long.

And it will do all of this while reducing the federal deficit by an estimated $300 billion through tax code changes that ensure our largest corporations pay their fair share.

"This is a historic day -- for Vermonters and for all Americans," said Rep. Welch. "For the first time, we are taking major steps forward to address climate change, curb the power of Big Pharma, and build a fairer tax code for working families. I am thrilled to have worked on and led several of the bills included in this package, working alongside Vermont families and advocates. This bill will benefit all Vermonters -- no matter who they voted for. It's a win for our environment, our families, our economy, and our future. I look forward to President Biden signing it into law and to continuing to work side-by-side with Vermonters to build on this major win and deliver for our communities."

Since his first term in Congress, Rep. Welch has advanced and introduced legislation to allow Medicare to negotiate lower drug prices on behalf of enrollees. Despite sustained resistance from Big Pharma, Rep. Welch has continued to fight for lower drug costs for Vermonters, working to build widespread support for this common sense policy. Under the IRA, Medicare will - for the first time in history - be allowed to negotiate with pharmaceutical manufacturers for lower prices for many common and expensive drugs. This provision is expected to save an estimated $265 billion over the next ten years and will provide badly needed relief for families struggling with high prices. This bill is the beginning of the end for Big Pharma's unchecked price gouging and puts patients over corporate profits.

Rep. Welch's HOPE for HOMES Act is a $4.5 billion program included among the bill's climate change provisions, securing rebates for home energy efficiency and weatherization retrofits and providing grants for contractor training. This program, known initially as the Retrofit for Energy and Environmental Performance (REEP) bill, dates back to 2009 and was included in the 2009 Waxman-Markey climate change bill. Though Waxman-Markey failed to pass in the Senate, Rep. Welch continued to push for robust rebates for home retrofits, introducing legislation to establish such a program, consistently from 2009-2022. Through the Inflation Reduction Act, Rep. Welch's HOPE for HOMES program will become law, creating jobs and helping families make improvements at home to lower their energy usage, slash utility bills, and reduce greenhouse gas emissions.

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