Michigan senators promote benefits of Inflation Reduction Act

SAGINAW, Mich. (WNEM) - The United States Senate passed the Inflation Reduction Act with Vice President Kamala Harris having to cast the tie-breaking vote.

“So, it’s a big deal for Michigan,” Senator Debbie Stabenow said.

The legislation must still be approved by the United States House and signed by President Joe Biden before it can become law. Stabenow said one highlight of the bill is a cap on the cost of insulin for some Americans starting in January.

“If you receive your health care through Medicare, your insulin medicine will be capped, your cost at $35 a month,” Stabenow said.

Stabenow says this bill will do a lot to help agriculture across Michigan.

“It’s the largest investment ever in supporting our farmers and our foresters to aggressively deal with carbon pollution,” Stabenow said.

Stabenow said the bill is estimated to reduce greenhouse gas emissions by 40 percent over the next eight years. While at the same time, creating 9 million jobs.

“We’re doing the right thing by the environment. And we’re also doing the right thing when it comes to creating good paying jobs in Michigan, as well as across the country,” Senator Gary Peters said.

Peters said the bill will reduce the federal deficit by $300 billion. He also said the legislation will be funded by American companies that need to pay their fair share of taxes.

“This bill is also completely paid for. It’s paid for by making sure that the largest, most profitable companies in America can no longer get away without paying any tax,” Peters said.

He said companies making at least $1 billion per year in profit will be taxed at a minimum of 15percent. It’s all in an effort to reduce costs to Americans, Peters said.

Peters said Sunday’s action, coupled with the recent passing of the PACT Act and the Chips and Science Act, has done a lot to move the Biden agenda forward.

“These last few days have meant a great deal for the state of Michigan. And we’re happy to report on what that means for everyday folks,” Peters said.

The House could vote on this bill as early as this week. If approved, it would head to the president’s desk for his signature.