Menendez, Booker Detail Achievements of Inflation Reduction Act
The senators went to a senior center in Elizabeth to spell out the protections of the bill
Senators Bob Menendez and Cory Booker went to a senior center in Elizabeth to make sure everyone knows the specifics of the Inflation Reduction Act of 2022, which has passed the Senate and now goes to the House.
Menendez said the bill addresses long-standing problems in more than one area.
“The law is the most significant federal action in history to bring down the cost of prescription drugs and to deal with the challenges of climate change in our country,” he said.
The bill caps out-of-pocket expenses for those on Medicare, meaning big savings on prescription drugs for seniors.
“No senior on Medicare will ever have to pay more than maximum, and now I’ve talked to seniors who have had thousands and thousands of dollars in prescription drug costs, that will be capped now totally at $2000 per year,” said Menendez.
The bill also extends subsidies under the Affordable Care Act for three years.
Menendez said on climate change, the effects could be historic.
“We make the most significant investment in climate and energy spending where we seek to bring down emissions by 40% by 2030, that’s only eight years away from now,” he said.