Valley cities hopeful Inflation Reduction Act provide financial relief to families
WASHINGTON, DC (3TV/CBS 5) -- Inflation is still the number one concern for many Arizona families. While price hikes have cooled off in the last couple of months, the latest report left Wall Street and people around the country hoping for better news.
Arizona’s Family went to Washington to get answers from our federal lawmakers and the Biden Administration as the White House celebrations the passing of the Inflation Reduction Act. On Your Side’s Susan Campbell spoke with Phoenix Mayor Kate Gallego on how the legislation will impact Valley cities and communities.
“[It] was a big day for health care costs, including capping prescription drugs for our seniors. That’s something I hear a lot about in Phoenix,” said Gallego. “It was also a big day for climate change.” The mayor touched on concerns about energy bills. Arizona’s Family reported earlier this month that between the two largest utility providers, SRP and APS, households in the state owe about $70 million in past due bills. Just days ago, SRP was approved for a nearly 5% price hike too.
“There’s a lot of assistance bringing those [bills] down,” Gallegos explained. She added the rebates and incentives available to use solar energy or purchase energy-efficient appliances should help many households.
However, not everyone is on board. The new law passed largely without Republican support, and the non-partisan Congressional Budget Office says the Inflation Reduction Act will do little, if anything, to curb inflation.
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