Senators Peters, Stabenow Release Statements on Inflation Reduction Act

Senators Gary Peters and Debbie Stabenow have released statements regarding the Inflation Reduction Act after it was signed by President Biden on Tuesday.

Through the Inflation Reduction Act, costs of prescription drugs and healthcare will be lowered, investments will be made in clean energy and domestic manufacturing to fight climate change, the deficit will be reduced and more.

Senator Peters made the following statement regarding the Inflation Reduction Act:

“Relief is on the way for Michiganders and Americans. I was proud to help make the Inflation Reduction Act a reality because it will lower costs for families in a meaningful way and help address some of the most pressing issues facing folks across the U.S. Prescription drug prices and health care costs will soon be lower, and historic investments to combat climate change will be made – all while creating American jobs, incentivizing U.S. manufacturing, fighting inflation and lowering the deficit.”

Senator Stabenow additionally stated the following:

“This is a historic day for people in Michigan and across the country. Price-gouging is taking a big chunk out of Americans’ wallets. This law takes on Big Pharma to lower prescription drug costs for Americans. The over 2 million Michigan residents who rely on Medicare will see their prices drop because Medicare can finally negotiate with drug companies. The law also takes on Big Oil to lower energy costs and tackle the climate crisis while creating good-paying jobs and ensuring we lead the clean energy future. And the great news is that this law is fully paid for and reduces the deficit by making corporations pay taxes like everyone else.”