ICYMI: NEW JOINT ECONOMIC COMMITTEE ANALYSIS SHOWS THAT REPEALING THE INFLATION REDUCTION ACT WOULD RAISE COSTS

Kevin McCarthy’s Plan Would Raise Costs for American Families For Health Care, Prescription Drugs, Energy

In Case You Missed It — The Joint Economic Committee (JEC) released a new analysis yesterday outlining the consequences of repealing the Inflation Reduction Act, including significant cost increases for families. Last week, House Minority Leader Kevin McCarthy pledged to undo much of President Biden’s agenda if House Republicans took power next year, including repealing the IRA.

In a press call hosted by Invest in America, JEC Chairman Don Beyer said, “repealing the Inflation Reduction Act would be dangerous for U.S. workers, families, and businesses. It’s going to increase household costs. And according to new analysis by the Joint Economic Committee, repealing this legislation would force over 13 million low- and middle-income Americans to pay more for their health insurance.”

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KEY POINTS: 

  • Meanwhile, Democrats on Congress’s Joint Economic Committee released an analysis focused largely on how a repeal of the IRA could drive up drug prices and health care costs. The new law includes a host of health care reforms, such as allowing Medicare to negotiate drug prices and also an extension of health insurance subsidies first implemented by Obamacare.

  • “Simply put, Republicans are making a commitment to America to raise costs for families,” Rep. Don Beyer (D-VA), the chairman of the committee, told reporters. He added that the GOP plan, “beyond repealing the Inflation Reduction act, has almost no policy specifics.”

  • President Biden has also talked extensively about health care costs, including during a speech Tuesday touting the law’s provisions and attacking Republicans for opposing them.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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