Transcript of Pelosi Remarks at White House Event Celebrating Passage of the Inflation Reduction Act

Washington, D.C. – Speaker Nancy Pelosi joined President Joe Biden, Vice President Kamala Harris, Members of Congress and activists at the White House for a press event celebrating the passage of the Inflation Reduction Act. Below are the Speaker's remarks:

Speaker Pelosi. Mr. President, Madam Vice President, Leader Schumer, colleagues, staff. Again – let's hear it for the staff, because the staff has made such a –

[Applause]

And so many friends. What a thrill it is to be here to celebrate this life-changing legislation, making inflation – the Inflation Reduction Act. Inflation Reduction Act, so beautifully named for all that it does. As the name suggests, this landmark law is cutting costs and – inflation-fighting and driving down costs for kitchen table items for America's working families.

Mr. President, thank you for unifying and inspiring a vision of a stronger, fairer, safer future for all – for our children. Your extraordinary leadership has made this glorious day possible. I – that's an applause line.

[Applause]

Jill was applauding.

And let us salute Leader Schumer, his colleagues in the Senate, for their extraordinary leadership and the success in bringing this bill forward.

[Applause]

Leader Schumer. That's an applause line.

Speaker Pelosi. I join him in saluting his colleagues, and I salute mine. I associate myself with most of Chuck's remarks, except – are there any Californians in the house?

[Cheers]

Are there any House Members in the house?

[Cheers]

I want to salute all of my colleagues, especially our Chairs, for making this day possible.

This achievement is a testament to our unity, our optimism, our persistence, along with the tireless efforts, again, of a devoted staff. Of – you can do it again.

[Applause]

And I want to join Leader Schumer in thanking our passionate advocates out there, whose outside mobilization made a decisive difference. What –

[Applause]

Whether it's our friends in the environmental movement, whether it's our friends in labor, the young people who are insistent on this climate legislation, thank you. And today, we'll hear from our VIP: Lovette Jacobs of IBEW. That – and she'll tell us that this law will make a direct, substantial difference in the lives of countless families. You'll hear from her shortly.

When President Biden signed the Inflation Reduction Act, he not only made history, he made progress. When Congress passes legislation, frankly, we jumped for joy. This is so exciting, because of the transformative difference this law would make for America's working families. Lower health care costs. The authority of the HHS Secretary to negotiate for lower prescription drug costs –

[Applause]

Long sought for, finally achieved. And for our seniors on Medicare, we have a $2,000 cap on prescription drug costs. This is remarkable.

[Applause]

$2,000 [cap]. And the extension of the ACA subsidies – alright.

[Applause]

For three more years, lowering health care costs for up to $[2,800] for a family of four for a year. This is quite – I mean, this has lowering cost, and now we're talking about bigger paychecks.

The historic achievements to combat the climate crisis to save the planet are so remarkable. Indeed, our climate action – the most consequential in human history. No country, not us, ever, or any other country, made such an important progress on health, clean air, clean water, environmental justice – for our children.

Job creation of a great magnitude. Nine million new, good-paying jobs for our workers.

[Applause]

And again, to keep us preeminent, as the Leader said, preeminent – number one in the world in new and green technologies. National security from energy independence, to lessening conflict over resources and habitat because of natural disasters.

And our values. If you believe, as I do, that this is God's creation and we have a moral responsibility to be good stewards of it. But even if you don't, we all agree that we have a responsibility to our children to pass on this planet in a responsible way.

Thank you all for making this possible.

[Applause]

And important: the law reduces inflation, and it reduces the deficit. And as the Chairman – the Leader said, it is fully paid for by making the biggest companies and the wealthiest pay their fair share.

Under the President's leadership, and with the stroke of President Biden's pen, we have achieved a monumental victory for America's working families. Indeed, this law sits comfortably among other landmark laws signed by the President. The Rescue Package to put money – shots in arms, money in pockets, children in school, people back to work safely. The Bipartisan Infrastructure bill, with a commitment to environmental and economic and social justice.

[Applause]

The CHIPS and Science Act, which supports diversity and inclusion and new people being involved and, again, keeping America number one. And the PACT Act to honor the service of our men and women in uniform, which is a big environmental bill.

[Applause]

Of course, public safety legislation – which we have celebrated here before – very much a part. Quite a package. Unprecedented. Biden-inspired.

As President, he put forth an agenda of fairness, justice, inclusion and diversity – always For The Children. We made history. We made progress, and together we have put our – we have put People Over Politics. Thank you, Mr. President. Thank all of you. God Bless America, from sea to shining sea.