Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement after President Joe Biden signed the Inflation Reduction Act into law. This legislation, which she helped pass in the Senate, will lower prescription drug costs, reduce the deficit, support Nevada’s booming clean-energy sector, and create good-paying jobs.
“Nevada’s families will benefit from this legislation to bring down costs across our economy,” said Senator Cortez Masto. “From deficit reduction to lower prescription drug costs to critical action to slow climate change and combat drought, the Inflation Reduction Act will help Nevadans in every corner of our state. I’ll continue fighting to deliver for hardworking Nevadans.”
The Inflation Reduction Act of 2022 will help middle-class families across the country. It prioritizes deficit reduction to fight inflation, lowers prescription drug costs, makes health care more affordable for Nevada families, and supports domestic energy production and manufacturing to help combat the climate crisis.
Specifically, this legislation includes the following provisions:
- Reduces the deficit by approximately $300 billion.
- Lowers prescription drug costs for thousands of Nevadans by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors. The legislation also provides incentives for drug companies to keep prices down and expands financial assistance to help low-income Americans pay for their prescriptions. In addition, the bill caps insulin at $35 a month for seniors on Medicare.
- Lowers health care costs for tens of thousands of Nevadans by extending health insurance subsidies for consumers who purchase coverage on health exchanges like Nevada Health Link under the Affordable Care Act.
- Supports billions in investments to combat the climate crisis, reduce emissions, and create clean-energy jobs in Nevada. These investments will lower energy costs for Nevadans and increase solar and geothermal energy production through expanded tax credits. The bill also includes portions of her legislation to make it easier for Tribes in Nevada to launch critical energy development projects.
- Invests $4 billion to combat drought in the states bordering the Colorado River, a provision Senator Cortez Masto personally negotiated to include.
- Ensures big corporations and the ultra-wealthy pay their fair share in taxes by closing tax loopholes.
Senator Cortez Masto has fought to lower health care costs and create good-paying clean-energy jobs across Nevada. She has cosponsored legislation to make health care more affordable by giving Medicare the power to negotiate drug prices, capping drug costs, and limiting egregious price hikes by drug manufacturers. As a focus of her Innovation State Initiative economic agenda, the Senator has pushed support for the emerging industries of Nevada. The Bipartisan Infrastructure Law includes legislation Cortez Masto secured to promote Nevada’s mining and emerging battery industries and set up a sustainable critical mineral supply chain. She recently introduced legislation to expand the solar manufacturing supply chain in the U.S. She secured an extension of the Investment Tax Credit and the residential renewable energy tax credit for solar in the 2020 government funding bill. Senator Cortez Masto was also able to successfully advocate for two additional years of renewable energy tax credits for the solar industry and its workers.