BREAKING: Reverend Warnock-Backed Inflation Reduction Act Signed Into Law, Including His Proposals To Lower Prescription Drug Costs

Georgia Public Broadcasting: “Warnock Led Extensive Lobbying To Include Multiple Prescription Drug Initiatives Aimed At Easing The Burden On Americans Who Struggle To Afford High Prices For Necessary Medications.”

Atlanta, GA – Today, the Reverend Warnock-backed, the Inflation Reduction Act was signed into law, including Warnock’s proposals to lower prescription drug costs for seniors on Medicare and cap the cost of insulin at $35 per month for Georgians on Medicare. 

The Inflation Reduction Act also includes health care savings for Georgians and finally gives Medicare the ability to negotiate drug prices on behalf of Georgia seniors. The legislation will lower costs, bring good-paying jobs to Georgia, all while reducing the federal deficit. 

Meanwhile, Herschel Walker opposes this critical legislation that would lower health care and prescription drug costs for Georgians.

Here’s what Georgians have seen this groundbreaking legislation becomes law: 

Watch 11Alive Atlanta’s Coverage HERE

Aisha Howard, 11Alive Atlanta: “Developing now in Washington, this is a live look at the U.S. Capitol, where a sweeping bill to fight climate change and extend health care coverage is heading to the president’s desk. So, here is how it impacts you and your family. The Inflation Reduction Act includes a measure led by Georgia Senator Raphael Warnock and Congresswoman Lucy McBath that would cap the price of insulin for many Americans at $35 per month. It also lets Medicare negotiate the cost of prescription drugs, increases taxes on large corporations, and makes massive investments in cutting greenhouse gas emissions.”

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• Warnock, up for reelection in November, led extensive lobbying to include multiple prescription drug initiatives aimed at easing the burden on Americans who struggle to afford high prices for necessary medications.

• The first-term senator had two of his proposals included: one that caps prescription drug costs for seniors on Medicare at $2,000 a year and another that caps costs of insulin at $35 per month for individuals on Medicare.

• “Medicare will be able to negotiate the price of prescription drugs, something that the VA has been doing for 30 years, which will help the pocketbooks of our seniors,” he said during an interview. “We will deal with the climate threat, I  think in a significant way. All the while reducing the deficit.”

Atlanta Journal Constitution: Senate approves spending bill, with votes from Warnock and Ossoff

• The U.S. Senate approved a health care, tax, and climate change package that had been stalled for over a year.

• “I’m thrilled we were finally able to pass this historic, once-in-a-generation investment in our country’s future,” said Georgia U.S. Sen. Raphael Warnock.

• The bill allows Medicare to negotiate prescription drug prices with drug makers, requires big corporations to pay a minimum 15% tax on profits, extends subsidies under the Affordable Care Act for another two years, and includes a series of tax incentives to help with climate change.

• The bill will cap monthly insulin copays for Medicare beneficiaries at $35 per month, an achievement Warnock celebrated after the Senate vote. 

• “This bill will strengthen health care access and lower health care costs for people across Georgia,” he said in a tweet.

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• The legislation will invest in clean energy initiatives that seek to drive job growth while addressing climate change, extend expanded Affordable Care Act subsidies designed to curb rising health care costs, and lower prescription drug costs by allowing Medicare to negotiate drug prices.

• The two major pieces of legislation that Senator Reverend Warnock introduced are included in The Inflation Reduction Act are bills to cap insulin costs at $35 a month for patients on Medicare, and his plan to cap the cost of prescription drugs for seniors at $2,000 a year. 

• “I’m thrilled we were finally able to pass this historic, once-in-a-generation investment in our country’s future that will lower costs for Georgians, create clean energy jobs and reduce the deficit all at the same time,” said Senator Reverend Raphael Warnock. “I’m especially proud that the legislation includes two provisions I introduced to cap insulin costs for Medicare patients at $35 a month, and to limit the cost of prescription drugs for seniors. This bill will strengthen health care access and lower health care costs for people across Georgia.

BACKGROUND ON THE INFLATION REDUCTION ACT

The Inflation Reduction Act includes key measures Warnock has led and sponsored, including: 

• Reverend Warnock’s proposal to cap the cost of insulin at $35 for patients on Medicare, which would directly benefit more than 50,000 Georgians.

• Reverend Warnock introduced his Affordable Insulin Now Act in February, and has led a months-long fight ever since to lower insulin costs.

• Reverend Warnock’s proposal to cap the cost of prescription drugs at $2,000 per year for seniors.

• Senator Warnock introduced his Capping Drug Costs for Seniors Act in April, and in July, led a field hearing for the Senate Aging Committee in Fayetteville, Georgia about the urgent importance of passing the legislation.

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