The Inflation Reduction Act (IRA) offers the U.S. Department of Agriculture (USDA) the resources it needs to address the climate crisis, negotiate for lower prescription-drug prices, bolster energy security and create jobs, according to USDA Sec. Tom Vilsack.
The proposed health-care, climate and tax legislation projects raising $800 billion over 10 years, according to a report by Yahoo! Finance. The funds will go to "everything from fighting climate change to extending Obamacare," the report states. "And it’s projected to bring down the deficit to boot."
USDA Sec. Vilsack said that the act "will have a meaningful impact on the rural and agriculture communities we serve," in a statement in support of the bill published by the USDA on July 28.
“Agriculture has long been at the forefront of our fight against climate change," Vilsack said in the statement. "From climate-smart agriculture, to supporting healthy forests and conservation, to tax credits, to biofuels, infrastructure and beyond, this agreement provides USDA with significant additional resources to continue to lead the charge."
The IRA would invest $385 billion in fighting climate change and improving energy independence, $99 billion on healthcare, $80 billion to the IRS for enforcement efforts, and $305 billion will go to deficit reduction, according to the Yahoo! Finance report.
The report also cites an analysis of the bill by the nonprofit Rewiring America that found tax-incentive provisions in the IRA will save the average American household $1,800 per year on energy bills.
“Beyond addressing climate," Vilsack said in his statement, "this bill provides us with an opportunity to make prescription drugs cheaper by allowing Medicare to negotiate lower prices, it will improve our energy security and it will create thousands of new jobs."
Vilsack encouraged the House and Senate to work quickly to pass the legislation "so we can get to work."
"President Biden and Congress have taken an important, historic step towards easing the burden of inflation on the American public and meeting the moment on climate," Vilsack said. "If passed, the Inflation Reduction Act will have a meaningful impact on the rural and agriculture communities we serve at The Department of Agriculture."
