WASHINGTON- Today, Congresswoman Cheri Bustos (IL-17) announced a new report from the Joint Economic Committee of the U.S. Congress that shows how the policies she has championed over the past two years will reduce costs for working families in northwest and central Illinois.
“Under President Biden, we have made historic investments in our families and communities that will create more American jobs and bring about a brighter future,” said MP Bustos. “Today I’m highlighting new data from the Joint Economic Committee that shows how our work is reducing the costs of health care, prescription drugs and student loans for residents of Northwest and Central Illinois.”
New data from the Joint Economic Committee shows President Biden and House Democrats are:
- Reduction of health insurance premiums: Joint Economic Committee estimates show that Congresswoman Bustos’ support for the Inflation Reduction Act assistance 13,000 people in Illinois’ 17th congressional district have access to affordable health care. Without this law, these people would have seen their health insurance premiums increase or would have faced a total loss of coverage at the end of the year. The health insurance subsidies provided for in this bill have reduction in annual premiums by an average of $936 and reduced the national uninsured rate to a record low of 8%.
- Lower drug prices: Because of Inflation Reduction Act, 120,000 seniors in Illinois’ 17th congressional district with Medicare prescription drug coverage will pay less for their drugs. The new law establishes an annual report $2,000 cap on drug costs for seniors and ensures that Medicare beneficiaries do not paying more than $35 a month for insulin. Additionally, the law allows Medicare to negotiate prescription drug prices for some of the more expensive drugs.
- Provide Rrelief for student loan borrowers: The Biden administration’s relief for student borrowers will save a typical young borrower in Illinois’ 17th congressional district from about $16,000 over the life of the loan thanks to lower monthly payments.
Among the many cost-cutting measures that MP Bustos has helped champion are the Inflation Reduction Act, reducing health care and energy costs for working families; the CHIPS and scientific law, which fixes our supply chains and makes more critical goods in America; the Consumer Fuel Price Prevention Act, which is cracking down on big oil companies making record profits; the Food and Fuel Cost Reduction Act, which will reduce farmers’ on-the-ground costs and meat and poultry costs by increasing competition in the meat-packing industry; and the Child Tax Credit, where Democrats are still battling to provide a higher tax credit for working families with children.
While Democrats in Congress remain focused on cutting costs and creating good jobs, Republicans continue to side with big business and billionaires over workers and families. In fact, Republicans support ending Social Security and Medicare in five years and have proposed raising taxes on middle-class families, which would make it even harder for families in the Northwest and central Illinois to make ends meet.