Repealing the Inflation Reduction Act Means Raising Premiums, Hiking Prescription Drug Costs, and Worsening Care for Seniors
Washington DC — Yesterday, U.S. Representative Andy Ogles (R-TN-05) introduced legislation to fully repeal the Inflation Reduction Act. After running on repealing the historic legislation, Republicans are making good on this promise. Backed by major conservative groups including Heritage Action and Americans for Prosperity, the GOP plan would raise premiums, ban Medicare from negotiating drug prices, reverse recent coverage gains, exacerbate health inequities, and hike prescription drug costs for seniors. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“Republicans want to go back to the status quo of hard-working families struggling to make ends meet due to outrageous health costs. The GOP have said time and time again they want to repeal the Inflation Reduction Act. They actually campaigned on it. This attempt isn’t just a one-off – it is backed by key core right-wing groups that will determine Republican priorities for years to come. This bill to repeal the hard-fought health care wins would be a disaster for the American people who have already started to see the benefits and have finally gotten a breath of relief.”
What Repealing the Inflation Reduction Act Means for American Health Care
- GONE: Premium savings for 13 million Americans covered under the ACA — averaging $2,400 per family.
- GONE: Medicare’s power to negotiate lower costs for the most popular and expensive prescription drugs.
- GONE: Prescription drug savings for seniors, including a $2,000 annual out-of-pocket cap and protections from Big Pharma’s price hikes.
- GONE: Free vaccines for seniors, including shingles and pneumonia.
- GONE: $35 monthly insulin caps for Medicare beneficiaries.
Republicans Campaigned For Office On A Promise To Repeal The Inflation Reduction Act
HEADLINE: “House GOP Eyes Repeal Of Dems’ Drug Pricing Law” [Axios, 9/23/22]
HEADLINE: Senate Republican bill would repeal Democratic drug pricing law [The Hill, 10/7/22]
HEADLINE: GOP previews repeal redux [Politico, 10/28/22]
Ways And Means Chairman Jason Smith Said He Would Prioritize “Reversing” The Inflation Reduction Act. “As of now, the top two contenders to lead the Ways and Means Committee are Rep. Jason Smith (R-Mo.), ranking Republican of the House Banking Committee, and Rep. Vern Buchanan (R-Fla.), who is seen as the Republican next in line. […] Smith told Axios in a phone interview he thinks Republicans should leverage debt limit negotiations to ‘reverse’ the administration’s ‘radical’ policies — including by sending a bill gutting the Democratic agenda to President Biden’s desk and daring him to reject it. ‘If Republicans are trying to cut spending, surely he wouldn’t try to default. If we were trying to bring down inflation … trying to secure our border, surely he wouldn’t default,’ Smith said.” [Axios, 9/29/22]
Rep. Kevin Brady Said Repealing The Inflation Reduction Act Was A “Top Priority” For Republicans In Congress. “Rep. Kevin Brady (R-Texas), the top Republican on the House Ways and Means Committee, indicated repealing the drug pricing law is a likely agenda item. ‘Because those drug provisions are so dangerous, by discouraging investment in life-saving cures, I would imagine that will be a top priority for Republicans in the new session,’ he said.” [Axios, 9/23/22]
Rep. Buddy Carter Said “Undoing” Prescription Drug Cost Reductions In The Inflation Reduction Act Was A Top Priority. “Buddy Carter: We’ve been asking that question not only about student debt loans, but also about a number of initiatives that have been instigated and put into place by the Biden administration, just like in the Inflation Acceleration Act that I mentioned before with the prescription drug pricing. That is something I’m very interested in as a pharmacist. I’ve been asking my colleagues, ‘How are we going to undo that when we get into the majority?’” [“Cavuto Coast to Coast,” Fox Business, 9/1/22]