Stansbury, Leger Fernández Explain what the Inflation Reduction Act Means for New Mexicans

VIDEO: Click here to view a recording of the press conference. 

WASHINGTON — Today, U.S. Representatives Melanie Stansbury (N.M.-01) and Teresa Leger Fernández (N.M.-03) hosted a virtual press conference celebrating the passage of the Inflation Reduction Act.  

Rep. Stansbury highlighted the landmark benefits headed to New Mexico from the legislation, including the largest ever investment in climate, the creation of good-paying jobs in the clean energy sector, and decreased costs for prescription drugs and health care.  

“I returned to Washington last night to work on passing the Inflation Reduction Act, because this bill is absolutely crucial to the future of our communities,” said Rep. Stansbury. "This bill makes the largest single investment in climate action that has ever been seen in the United States and frankly, the planet. This bill is going to help us cut carbon by 40% by 2030. It makes game-changing investments in good paying jobs that will help us to tackle the climate crisis, and it’s going to help us lower healthcare costs and prescription drug costs for every New Mexican.” 

"I've talked to New Mexicans across our beautiful state. I’ve talked to veterans, seniors, farmers, ranchers, business owners, Tribal communities, and our wonderful young families that we need to take us into the future. And what we're doing is placing people over profit, people over politics, and we're going to keep building on the progress this bill represents,” said Rep. Leger Fernández. "The Inflation Reduction Act is going to help battle inflation and lower costs for our gente, for our Nuevo Mexicanos." 

The Inflation Reduction Act (H.R. 5376) will invest in local energy generation and industry, reduce carbon emissions by nearly 40% by 2030, and make a historic down payment on deficit reduction to fight inflation. The package will also extend the expanded Affordable Care Act program for another three years and allow Medicare to negotiate the cost of prescription drugs and lower prices throughout the market. 

In New Mexico, the Inflation Reduction Act is expected to save New Mexican families with employer-based health insurance an average of $3,490 per year, additionally capping prescription drug costs at $2,000 for seniors and community members with coverage through Medicare.  

The Inflation Reduction Act: 

• Enacts historic deficit reduction to fight inflation 
• Lowers energy costs, increases cleaner production, and reduces carbon emissions by roughly 40% by 2030 
• Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000 
• Lowers ACA health care premiums for millions of Americans 
• Makes the biggest corporations and ultra-wealthy pay their fair share 
• There are no new taxes on families making $400,000 or less and no new taxes on small businesses – we are closing tax loopholes and enforcing the tax code.  

The full text of the Inflation Reduction Act can be found here.