Subcommittee Ranking Member Krishnamoorthi’s Opening Remarks on Republican Efforts to Raise Costs on Americans to Subsidize Tax Giveaways to Billionaires

Washington, D.C. (May 20, 2025)— Below is Rep. Raja Krishnamoorthi’s opening statement, as prepared for delivery, at today’s joint Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs and Subcommittee on Health Care and Financial services hearing on Republicans’ attacks on the Inflation Reduction Act and the middle class.

Click here to watch the video.

Opening Statement 
Ranking Member Raja Krishnamoorthi 
Joint Economic Growth, Energy Policy, and Regulatory Affairs and
Health Care and Financial Services Hearing on â€œMandates, Meddling, and Mismanagement: The IRA’s Threat to Energy and Medicine”
May 20, 2025 

Thank you, Mr. Chairman.   

First, I must address DOJ’s announcement of charges against our colleague Congresswoman McIver related to her recent visit to an immigration detention center in Newark.  I’ve watched the video of her visit multiple times.  The charges of assault and impeding law enforcement are outrageous on their face and appear to be designed to silence criticism and deter Congressional oversight of the Trump White House. 

That will not happen.  And we will stand with the Congresswoman as she confronts these absurd charges from the Trump DOJ.

Second, while I appreciate the opportunity to discuss the Inflation Reduction Act (IRA), I must express concern with the framing of today’s hearing.  Rather than taking a balanced look at a law that has already helped lower prescription drug costs and sparked major investments in American clean energy, we are once again returning to overly simplistic narratives that don’t reflect the full picture.

The IRA finally allowed the Government to take on Big Pharma, allowing it to negotiate against high drug prices—something that should have happened decades ago.  The IRA enabled investment in American clean energy, not foreign oil.  And it’s already helping working families in red and blue states alike.

That’s why even Republicans like much of the IRA.  As evidence, Republicans have kept very influential pieces of the drug pricing provisions intact, such as a $35 monthly cap on insulin for seniors and a $2,000 annual cap on costs at the pharmacy for Medicare beneficiaries.  They also kept the Medicare drug price negotiation authority for high-cost drugs.  Additionally, in early March, 21 Republicans sent a letter expressing support for the IRA’s energy tax credits.  One couldn’t be criticized for thinking that outrage about the IRA appears performative.

The title of this hearing— “Mandates, Meddling, and Mismanagement”—is an alliterative distraction from what’s really being threatened today.  Let me be clear: this has nothing to do with energy or medicine, and everything to do with the special interests who’ve had a free ride for too long.

For the past few months, House Republicans have been debating within their caucus how deeply they can slash critical services for working people in order to fund their tax plan for the wealthiest among us.  If their reconciliation bill is allowed to go into effect, CBO estimates that almost 9 million people will be thrown off Medicaid all in order to help fund tax cuts.

To illustrate a real-life consequence of this proposal, like cutting Medicaid, I’d like to share Julia’s story, written by her mother, Joan.  

“Because of funding from Medicaid, our 43-year-old daughter, Julia, has had the opportunity to live a life of independence and happiness.  Her job training program, funded through Medicaid, gave her the ability to learn the tasks she was expected to perform at work.”  Joan shares, “My deepest fear about cuts in Medicaid is the very real possibility that Julia will not have anyone to care for her after her father and I are gone.”

Julia’s experience is not unique.  Pregnant women, children, seniors, and individuals with disabilities will lose their livelihoods if Medicaid is cut by the hundreds of billions.

Adding to the cruelty, one in four families will lose their SNAP benefits – that is literally taking food out of the mouths of babies.  And I know a lot about SNAP because its predecessor program, Food Stamps, was critical to my family when my parents fell on hard times and we needed help to get back on our feet.

Food Stamps sustained us until my parents were able to get good quality jobs.  My parents realized the American Dream, and they never took it for granted.  And I haven’t either.

From destroying the safety net to polluting our air and water, this Administration is jeopardizing every single community in America – red states and blue states, large cities and small towns, manufacturers and farmers – no one will be left unharmed. 

These cuts aren’t about reducing waste, fraud, or abuse—they’re about making room for more tax breaks for the wealthy at the expense of hard-working Americans.  The Inflation Reduction Act has strengthened the health care system while also expanding opportunity and boosting our economy in the process.  That’s what government should be about.  

I won’t stand idly by while House Republicans dismantle the IRA, safety net programs, and other initiatives their donors dislike.

###