The U.S. Senate passed what they are calling the most impactful piece of legislation in the fight to lower inflation and address climate change.
The Inflation Reduction Act passed Sunday in a special session with a tie breaking vote by Vice President Kamala Harris. In it are moves supporters say will lower health care costs, energy costs and bring nearly 10 million jobs over the next decade.
The most immediate impact will be by insulin users on Medicare, their monthly insulin costs will be capped at $35.
The hope is that the moves to lower fuel and energy costs will trickle down to overall costs in food and services. And hope the insulin cap for those on Medicare will help those with private insurance eventually.
“Medicare is the biggest purchaser of medicine and when they start lowering prices, the private sector is usually not far behind,” Sen. Debbie Stabenow (D), said. “The average person, if you live in rural Michigan and you have your electricity from an electric co-op, we have things in place that will bring down your electricity costs.”
Originally, the bill included an insulin cap for private insurance carriers as well, but Republicans voted down that amendment.
The bill now heads to the house who are expected to vote on Friday.
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