[Congressional Record Volume 169, Number 204 (Tuesday, December 12, 2023)]
[Senate]
[Page S5903]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        Inflation Reduction Act

  Mr. President, on the Inflation Reduction Act accomplishments, this 
morning, the American people received more proof that the Biden and 
Democratic agenda is working.
  The Labor Department reported today that year-over-year inflation in 
November slowed down to 3.1 percent. At the beginning of this year, it 
was more than double, at 6.4 percent.
  And remember, last summer, before we passed the Inflation Reduction 
Act and the CHIPS and Science Act, inflation was over 9 percent--from 9 
percent all the way down to 3.1 percent. We have made big progress. 
Meanwhile, the labor market remains strong. Jobs are up, higher than 
they were before the pandemic. And listen to this: Investment in 
manufacturing construction--manufacturing construction, plants that 
will turn out goods that we can consume here and export--is at a 20-
year high, more than double its highest under the previous 
administration.
  There is a lot of talk from the previous President about jobs. He did 
very little. This administration, with what we have done, is really 
producing jobs, jobs, jobs.
  No one should be surprised. Thanks to the Democratic work on the IRA, 
2023 has been a banner year for American job creation and for American 
manufacturing; at the same time, getting inflation and the costs to 
American families down.
  In 2023, dozens of companies have announced new investments in the 
United States, resulting in hundreds of green new clean energy projects 
and creating tens of thousands of new, good-paying jobs.
  And that is just 2023. The Inflation Reduction Act is projected to 
create another 1.5 million jobs over the next decade.
  According to the White House, private companies have announced more 
than 600 billion in investments across the country, many spurred by the 
IRA--the Inflation Reduction Act.
  And it is not just through manufacturing that the Democratic agenda 
is paying dividends. In a few short weeks, seniors, for the first time, 
will have a cap on how much they pay for prescription drugs, thanks to 
the Inflation Reduction Act.
  This is life-changing news for seniors across the country. Never 
again will a horrible diagnosis mean $10,000 or more to get the drug 
you need to survive. Thanks to the Inflation Reduction Act, insulin is 
also capped at $35 a month for seniors on Medicaid, and vaccines are 
now free.
  Let me repeat that. Vaccines are free, improving healthcare across 
America and helping people be healthy without having to pay for it, in 
terms of things they can't afford.
  Drugmakers are penalized if they raise prices faster than inflation. 
The administration is negotiating right now for better prices for 10 of 
the highest cost, most commonly used drugs in Medicare.
  And because ACA premiums are becoming more affordable, this year we 
are seeing a record number of Americans sign up for healthcare on the 
individual marketplaces.
  It takes a lot of work, but the Democrats' agenda is paying off. 
Costs are coming down. Jobs and opportunities are going up. And while 
there is a lot of work to do, the American economy is on the right 
track.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Padilla). Without objection, it is so 
ordered.