Chairman Hinojosa Applauds President Biden, Texas Democrats on Delivering the Inflation Reduction Act

Legislation will lower costs for Texas families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share – yet not a single Texas Republican voted for itSenators Ted Cruz and John Cornyn – and 41 other GOP Senators – inexplicably blocked the bill’s inclusion of a $35 monthly cap on insulinAUSTIN, Texas -- Today, Texas Democratic Party Chairman Gilberto Hinojosa released the following statement applauding President Biden and Texas House Democrats on delivering the Inflation Reduction Act – legislation that will lower costs for Texas families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share:

“For a year now, Republicans have unsuccessfully tried to pin inflation – something the entire developed world is experiencing as we emerge from a once-in-a-century pandemic – on Democrats. It didn’t make sense for the past year, and it makes even less sense now: as every single Texas Republican has now gone on the record siding with Big Pharma, and opposing efforts to reduce the impacts of inflation on hard-working families. 

“We’re grateful for President Biden’s and Texas House Democrats’ exemplary leadership, once again passing one of the most impactful pieces of legislation in decades – and further solidifying this Congress and this Presidency as among the most tangibly productive and successful in modern history.

“Texas families will feel the impacts of the Inflation Reduction Act immediately and for years to come – as millions of American families will now see their prescription drug and home energy costs plummet. And the fact that these huge corporations will now have to pay their fair share – all while the taxes of families making under $400,000 a year and small businesses don’t go up one penny – will give some peace of mind to Texans, who’ve long cried out for a more just economic system that rewards work, not just wealth.”

About the Inflation Reduction Act:

The landmark Inflation Reduction Act…

• …Lowers prescription drug costs by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors to $2,000.
• …Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and reduces carbon emissions by roughly 40 percent in less than 10 years.
• …Locks in lower health insurance costs by $800 on average for 13 million Americans who get their insurance through the Affordable Care Act exchanges.
• …Fights inflation by reducing the deficit.
• …Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations so they pay their fair share in taxes.
• …Does not raise taxes on families making $400,000 or less and no new taxes on small businesses.