Congress Approves Bill to Cut Drug Prices, Extend Insurance Subsidies for Many Americans

President Joe Biden is expected to sign into law legislation that aims to lower drug prices and extend health insurance subsidies for many Americans.

The legislation, dubbed the Inflation Reduction Act, was approved by the US Senate and the House of Representatives. Biden praised the bill as a win for working families, and he said that there would be a celebration at the White House on September 6 in honor of the legislation.

“This bill caps seniors’ out-of-pocket spending for prescription drugs at $2,000 per year — no matter what their drug bills would otherwise be, seniors will not have to spend more than $2,000,” Biden said in an August 7 statement after the legislation passed the Senate.

“In addition, 13 million Americans, covered under the Affordable Care Act, will see their health insurance premiums reduced by $800,” Biden said. President Biden said he plans to sign the legislation this week.

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