ANNAPOLIS, Md. — As inflation impacts our wallets, here in Maryland, the Senate passed the Inflation Reduction Act.
It’s expected to pass the House this week.
Democratic Senators Chris Van Hollen and Ben Cardin laid out what the bill's passage will mean for Marylanders.
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We've all felt the impact of rising prices of everyday goods.
The Democratic-backed Inflation Reduction Act ultimately aims to address the economy investing $300 billion in deficit reduction.
Most of the proposed $369 billion would be spent on the climate creating renewable energy tax credits.
It will address healthcare and prescription drugs, allocating $64 billion to extend expiring Affordable Care Act subsidies by three years.
“153,000 Marylanders will either see their subsides go to zero, or be substantially cut back, but overall, 153,000 Marylanders will benefit from the extension of the premium support which comes to about $80 on average savings per month,” said Senator Van Hollen.
It is legislation that Senator Cardin believes will benefit Maryland's taxpayers.
“For the one million Marylanders who qualify for Medicare, the negotiated price for pharmaceutical prescription drugs, the $2,000 out of pocket costs for prescription medicines, the coverage of insulin with a cap of $35 and the vaccine protections will provide those Medicare beneficiaries substantial help,” Senator Ben Cardin said.
Democratic lawmakers say Marylanders would quickly benefit from the healthcare component of the bill.
“There will be some I think immediate impact because of the confidence factor. They know that congress has acted that we have provided clear directions on what's going to happen. We expect there will be some immediate actions in regards to the health care system itself,” Cardin said.
