Rep. Stansbury Sends Historic Climate, Health Care Investments to President Biden's Desk

WASHINGTON, Aug. 13 -- Rep. Melanie Stansbury, D-New Mexico, issued the following news release on Aug. 12, 2022:

U.S. Representative Melanie Stansbury (N.M.-01) helped pass the Inflation Reduction Act, historic legislation to address the climate crisis, cut prescription drug costs, lower health insurance premiums, and help create nine million clean energy jobs over the next 10 years. The legislation now heads to President Biden's desk to be signed into law.

The Inflation Reduction Act will cut carbon pollution by 40% by 2030, a massive step forward in addressing global climate change. The legislation will also reduce health insurance premiums for New Mexico families on employer-based plans by nearly $3,500 per year, reduce prescription drug costs by allowing Medicare to negotiate prescription drug prices, and cap seniors' out-of-pocket expenses at $2,000 per year.

"The Inflation Reduction Act is a historic step forward for our country and for our planet," said Rep. Stansbury. "This bill makes the most significant investments in climate action ever in our nation's history, reduces the price of healthcare, and will help ensure New Mexico's seniors can afford their prescription drug costs. As we continue the work on the ground, I am headed back to New Mexico knowing we just took a giant step forward in creating a more just, equitable, and resilient world for our communities."

The Inflation Reduction Act will help New Mexicans:

* Afford the medications they need by capping Medicare recipients' out-of-pocket prescription drug costs at $2,000 per year and the cost of insulin at $35 per month

* Reduce health care premiums by as much as $3,500 per year for families on employer-based health care plans

* Deliver on climate action by cutting carbon pollution by 40% by 2030

* Cut their utility bills by $350 per month

* Purchase electric vehicles with a $7,500 rebate towards a new EV

* Access new job opportunities from the 9 million jobs that clean energy investments will create over the next 10 years...

* All without raising taxes a single cent for anyone making less than $400,00 per year by closing tax loopholes for big corporations and those who cheat on their taxes

Specific Provisions in the Inflation Reduction Act include:

HEALTH CARE

* Enhanced financial assistance for ACA Marketplace coverage will expand access to free or nearly free premiums.

* Medicare will begin directly negotiating the cost of the most expensive prescription drugs. Seniors on Medicare will have their out-of-pocket prescription drug costs capped at $2,000 per year

ENERGY

* $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the transition to clean electricity.

* $9.7 billion to provide assistance to rural electric cooperatives to promote resiliency, reliability and affordability while decreasing emissions from rural electric systems.

* Tax incentives to promote the U.S. manufacturing of solar panels, batteries, and wind turbines.

* Wind and solar investment tax credit extension for 10 years.

* A tax credit extension to help low-and moderate-income (LMI) households afford renewable energy and efficiency projects.

* Tax incentives for very low-carbon hydrogen production for transportation, energy, and industrial use.

* $1.55 billion for a methane emissions reduction program to cut methane emissions from the oil and gas sector.

* $27 billion for greenhouse gas reduction fund, otherwise known as a "green bank."

* $5 billion for pollution reduction plans and implementation grants, which will help local and Tribal governments take action on climate in a way that's best for each community.

WATER

* $550 million for household water supply projects in disadvantaged communities.

* $4 billion to mitigate the effects of drought in Western states like New Mexico.

AGRICULTURE

* Over $20 billion for climate smart agriculture by funding successful but oversubscribed conservation programs.

* Over $1 billion for the Rural Energy for America Program (REAP) to help agricultural producers and rural small businesses acquire renewable energy systems or make energy efficiency improvements.

WILDFIRE & FORESTRY

* $5 billion for wildfire protections and climate-smart forestry to prevent catastrophic fires and protect the health of our forests.

ENVIRONMENTAL PROTECTION

* $3 billion for environmental and climate justice block grants to reduce pollution in communities that have been hit the hardest.

* $250 million for wildlife recovery and habitat restoration in national and state wildlife refuges.

SCIENCE

* $2 billion to invest in infrastructure at our National Laboratories.

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Original text here: https://stansbury.house.gov/media/press-releases/rep-stansbury-sends-historic-climate-and-health-care-investments-presidents