Welch says Inflation Reduction Act will help Vermonters

WASHINGTON (WCAX) - President Biden signed the Inflation Reduction Act on Tuesday, calling it “one of the most significant laws in our history.”

The sweeping $750 billion health care, tax and climate bill marks a major victory for his administration and the Democrats ahead of the midterm elections.

Vermont Congressman Peter Welch voted for the bill. He says it will have a big impact on prescription drug prices for Vermonters and will begin to chip away at climate change.

“It’s about having policies that are supported by tax incentives in many cases that give companies the incentive to do things that will reduce carbon emissions to make it affordable. This is the key,” said Welch, D-Vermont.

The legislation caps prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients and helps an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.

New Hampshire Democrat Sen. Maggie Hassan says the bill will help Granite Staters as well.

In a statement, Hassan said, “At a time when Americans have seen their heating and cooling bills rise and high prices at the pump, this law takes meaningful steps to lower energy costs by cutting taxes for families and investing in clean energy technology.”

The measure is paid for in part by new taxes on large companies.

Biden signs massive climate and health care legislation