PEORIA (Heart of Illinois ABC) – Central Illinois Republican 18th Rep. Ray LaHood said the federal climate and health bill, also known as the “Reduce Inflation Act,” will in no way curb inflation.
The House passed the landmark bill in a 220-207 intra-party vote.
Its pillar, worth about $375 billion over 10 years, encourages industry and consumers to move from carbon emissions to cleaner forms of energy.
An additional $64 billion could pay for 13 million people’s personally purchased health insurance premiums over the next three years.
Out-of-pocket prescription costs for Medicare recipients will be capped at $2,000 starting in 2025, and starting next year, they won’t pay more than $35 a month for insulin, an expensive diabetes drug.
Lahood, a Dunlap native, said in a news release that the so-called “Inflation Reduction Act” would “increase taxes, take away jobs in America, and target overpaid IRS working families.”
LaHood released the following statement:
“The historic inflation crisis has hit Illinois households hard, and the cost of basic necessities such as food, fuel and electricity has risen significantly since President Biden took office. Instead of cutting inflation spending, it’s doubling down on the failed economic policies that caused the recession: the so-called “Inflation Cut Act” is riddled with tax increases that hurt working families, manufacturers and Main Street businesses. By creating an oversized IRS with unprecedented new auditing and enforcement agencies, the bill targets low- and middle-income families, adds government to health care options, and introduces new life-saving treatments. Prioritize Green New Deal spending over measures to limit and curb inflation. With our economy in recession and families in Illinois facing an inflation crisis, the so-called “Inflation Cuts Act” is what we need. And the last one. “
The bill passed the Senate first, with Vice President Kamala Harris casting the deciding vote. We are now ready for President Biden’s signature.
Copyright 2022 Heart of Illinois ABC. All rights reserved.