Third Way: IRA a victory of the possible over the pipe dream

WASHINGTON — Third Way released the following statement upon Senate passage of the Inflation Reduction Act:

"Beaten, battered, and left for dead by half the political class in Washington, Third Way salutes the Senate passage of the Inflation Reduction Act, legislation that sets America on a new course on climate, health care savings, and inflation mitigation. This bill is equal parts ambitious and pragmatic. It is a victory of the possible over the pipedream. And it was only possible due to the patience, perseverance and mastery of President Joe Biden, Majority Leader Chuck Schumer, Speaker Nancy Pelosi and congressional Democrats left, center and right who refused to give up.

"On US climate policy, the Inflation Reduction Act is historic, representing the largest single investment the federal government has made toward building the American clean energy economy and reaching our climate goals. Combined with the investments of the Infrastructure Investment and Jobs Act (IIJA), these pieces of legislation provide more than $400 billion for a variety of technologies, industrial sector policies, and the expansion or extension of several tax incentives for US businesses, which will make clean energy affordable, reliable, and secure, and set clear market signals to accelerate demand and production of clean fuels, building materials and every clean energy technology. Much like the Recovery Act of 2009 which jumpstarted American wind and solar production, IIJA and IRA will have a similar level of impact across multiple industries. The result will be a huge boon to our economy, catalyzing private capital to invent, manufacture, and build clean energy in the US and outcompete other nations as we sell it to the world. American families will see their annual household energy costs slashed by hundreds of dollars. This will also position our country to lead the competition with the Chinese government and other countries in the industries that will dominate this century.

"The bill also reduces the deficit by hundreds of billions of dollars and significantly eases inflation pressures by making our tax code more equitable and fair. As the name promises, the Inflation Reduction Act will deliver relief where Americans need it most: at the pump, in the grocery store, and over the kitchen table.

"Health care savings from Biden's family glitch fix combined with the Inflation Reduction Act would save a typical family $1,000 - $1,400 on their health care costs by putting a cap on premiums for families with coverage at work and extending caps on premiums for people who get their own coverage. The Inflation Reduction Act also caps costs on drugs for people with Medicare.

"This is a triumphant moment for Congress and the Biden-Harris Administration, and a win for everyday Americans, US businesses, and workers in every part of the country who will benefit from this landmark achievement. We call on the House to support this vital legislation and get it to the President’s desk for his signature."