Dear Colleague on the Inflation Reduction Act of 2022

Dear Democratic Colleague,

This afternoon, Leader Schumer and Senator Manchin announced a breakthrough in their negotiations on the Reconciliation bill. This agreement contains many of President Biden's proposals. It is welcome news for House Democrats, who have fought relentlessly to lower the cost of health care, combat the climate crisis and ensure that the biggest corporations and the wealthiest few pay their fair share.

The Inflation Reduction Act of 2022 contains House Democratic priorities, which:

• reduces the cost of health care for millions by extending ACA subsidies for three more years;
• allows Medicare to negotiate the price of prescription drugs;
• combats the climate crisis by reducing carbon pollution by roughly 40 percent by 2030; and
• lowers energy costs and advances energy security.

Importantly, this agreement would reduce the deficit and help fight inflation by allocating an historic $300 billion for deficit reduction. It is also fully paid for by:

• implementing a 15 percent corporate minimum tax; and
• strengthening IRS enforcement.

This agreement also honors President Biden's pledge: no new taxes on families making less than $400,000 and no new taxes on small businesses.

This agreement is a victory for America's families and for protecting our planet. In light of the discussions of the past year, this agreement is a remarkable achievement. We will continue to fight for priorities not contained in this legislation — because more must be done on behalf of America's working families and to save the planet.

Attached is a one-pager from Leader Schumer outlining the details of the agreement. The Senate reports that the legislative text will be sent to the Parliamentarian this evening for review, and the full Senate will consider it next week. More updates to come.

Thank you for your leadership in advancing People Over Politics.

NANCY