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WASHINGTON, D.C. – Today, Congressman Troy A. Carter, Sr. celebrated President Biden’s announcement that his administration will provide targeted debt relief for millions of federal student loan debt borrowers.

Since 1980, the full cost of both four-year public and private colleges has nearly tripled, even accounting for inflation. However, federal support has not kept up. Pell Grants previously covered almost 80 percent of the cost of a four-year public college degree for students from working families, but now cover just 33 percent. That gap and skyrocketing tuitions have left many students with no choice but to borrow if they want to get a degree. The Department of Education estimates that undergraduate students with loans now graduate with an average of $25,000 in debt.

Specifically, the President’s action today forgives $20,000 in federal student debt for Pell Gant recipients and forgives $10,000 for non-Pell recipients who make under $125,000 each year. It also extends the student loan payment pause for a final time until December 31, 2022, implements several structural changes to make the student loan system more manageable for current and future borrowers, and protects borrowers and taxpayers from steep increases in college costs. More details on the student loan forgiveness announcement are available here and in this fact sheet.

Congressman Carter has been a vocal advocate for student loan forgiveness in Congress – one of the first bills he introduced on Capitol Hill was the Student Loan Relief Act of 2021. Following the President’s announcement, Congressman Carter released the following statement:

“America regularly forgives the debt of businesses, industries, and even small countries. Today, President Biden stood with working Americans and communities of color to forgive up to $20,000 of federal student loan debt and extend to the payment pause for four more months.

“Along with helping Americans struggling with higher costs pay their bills, President Biden’s bold actions today will bring long-needed relief to student loan borrowers and allow them to seek more opportunities in the future.

“Today’s historic student debt cancellation brings possibility and new hope for the approximately 43 million Americans burdened by the heavy load of federal student loan debt – a symptom of the greater affordability crisis within our nation’s higher education system.

“In the long term, we must fix our broken higher education and workforce development system that drives people, especially people of color, into enormous debt for the degrees and education required to be successful in today’s workforce.

“Pursuing a dream today should not put a permanent shadow over the future. Education is a lifelong endeavor, key to growing and evolving – it should not come with a lifelong sentence of debt.

“As an advocate for my constituents and for student loan forgiveness, this is a great day, but we still need to do more. Congress must build on the President’s action today and pass legislation such as my Student Loan Relief Act of 2021 so that every American can pursue their dreams.”

Today’s announcement adds to the Biden Administration’s previously demonstrated commitment to equitable student loan forgiveness. Since January 2021, they have also cancelled $32 billion in student loans for public servants, disabled students, and students who experienced instances of fraud or closure.

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WASHINGTON, D.C. – Today, Congressman Troy A. Carter Sr. was proud to vote in support of the historic Inflation Reduction Act to lower healthcare costs for working Americans, bring down home energy costs, fight the climate crisis, and bring fairness back into our tax code. The measure passed the House of Representatives 220-207 and now heads to the President’s desk for his signature.

The Inflation Reduction Act is historic legislation that is fully paid for and will lower families’ kitchen table costs, create millions of good-paying jobs delivering the most significant action on climate in history, and dramatically reduce the deficit. 

 “Today we showed that Democrats are committed to putting people over politics and bringing progress to Congress,” said Congressman Carter. “Louisianians sent me to Washington to fight for a better America, and to help make their lives a little bit better. Today’s passage of the Inflation Reduction Act is a significant step toward that goal, and its investments in clean energy and provisions to lower healthcare and energy costs are undoubtedly historic victories for America’s families and for our entire planet. Today we showed the American people that Congress is listening, and Congress is working.”

During debate, Congressman Carter spoke on the Floor of the House, and he released this video statement following the final passage of the legislation.

More specifically for Louisiana and the entire nation, the bill:

• Lowers the cost of health care by extending enhanced ACA subsidies.

This bill reduces the cost of health care for millions by extending these subsidies for three more years, locking in lower health care premiums that save 13 million Americans an average of $800 a year. Without these provisions, these enhanced ACA subsidies would expire in January, leading roughly 3 million Americans to lose their health coverage. Following the implementation of these subsidies the first time with the American Rescue Plan, over 99,000 Louisianians saw their health care costs lower through the Health Insurance Marketplace, 20% more than before the American Rescue Plan passed. This legislation will protect these cost savings for Louisianians and offer more opportunities for more residents to get coverage and save money.

• Empowers Medicare to Negotiate Drug Prices.

For the first time, Medicare can negotiate lower prices for the highest cost single-source drugs in Medicare. This provision will save the public more than $100 billion over 10 years by allowing Medicare to negotiate lower prices for about 100 drugs over the next decade, with 10 high-cost drugs beginning in 2026. 

• Protects Drug Costs Against Inflation for Seniors on Medicare.

Over the past 20 years, price increases for brand-name drugs in Medicare Part D have risen at more than two times the rate of inflation. After the passage of the Inflation Reduction Act, beginning in October 2022 if drug companies raise prices in Medicare faster than the rate of inflation, they must pay rebates back to Medicare for the difference. Senate Republicans forced the removal of a provision that also applied inflation rebates to drug sales to families with private health insurance.     

• Caps Out-Of-Pocket Cap for Part D Drugs for Medicare Beneficiaries to $2,000.

Caps Part D out-of-pocket drug costs to $2,000 a year for seniors and individuals with disabilities on Medicare, starting in 2025.

• Caps Insulin Costs at $35 A Month for Seniors and Individuals with Disabilities on Medicare.

Caps Medicare beneficiaries’ insulin costs at $35 a month.  Republicans voted against capping insulin out-of-pockets costs for Americans with private health insurance keeping this vital protection out of the bill. Sadly, Louisiana consistently experiences higher rates of both adult and pediatric diabetes as compared to the rest of the country. In 2020, 14.1% (around 330,000 individuals) of Louisiana’s adults had some form of diabetes. An analysis of 2019 data by The Centers for Medicare & Medicaid Services’ (CMS) Chronic Conditions Data Warehouse indicates that around 27.5% of Medicare fee-for-service (FFS) beneficiaries had a diagnosis of diabetes, suggesting that about 91,000 Louisianians could have $35 monthly caps on their insulin costs following the passage of the Inflation Reduction Act.

• Invests approximately $370 billion in investments to tackle climate change. By far the single biggest climate investment in U.S. history, this bill will combat the existential crisis of climate change and restore American global leadership on climate change by reducing carbon emissions by roughly 40 percent by 2030. Climate change which is threatening Louisiana’s coast, people, culture, and infrastructure. Louisiana’s infant offshore wind industry could take off in earnest if buoyed by investments and incentives from this legislation.

• Jumpstarts American Energy Security and Domestic Manufacturing: over $60 billion for American clean energy manufacturing, helping to alleviate inflation by bringing down the cost of clean energy and clean vehicles and relieving supply chain bottlenecks.

• The Inflation Reduction Act lowers costs for American consumers. Modeling by RFF finds that this bill’s effect on the U.S. power sector would help lower retail electricity costs about decline 5-7 percent over the next decade, compared to a scenario without the IRA, and would bring hundreds and savings to households, on average.

Black households spend more of their income on energy and experience a median energy burden 64 percent greater than white households – so this is also an environmental justice concern.

This legislation contains provisions to promote clean energy technologies, facilitate domestic energy production, and tackle climate change. This is achieved by extending and expanding tax credits for renewable energy and storage, and bolstering tax credits for clean energy projects located in energy communities 

• Low-Income Consumer Home Energy Rebate Programs
• 10 Years of Consumer Tax Credits to Make Homes Energy Efficient

• Consumer Tax Credits to Buy Used or New Clean Vehicles
• Energy Efficient Housing
• Methane Emissions Reduction Program

Over $60 Billion in Investments for Environmental Justice Communities, including:

• Environmental and Climate Justice Block Grants ($3 billion):  Provides Environmental and Climate Justice Block Grants, funded at $3 billion, that invest in community-led projects in disadvantaged communities and community capacity building centers to address disproportionate environmental and public health harms caused by pollution and climate change.

• Neighborhood Access and Equity Grants ($3 Billion): Grants that support neighborhood equity, safety, and affordable transportation access with competitive grants to reconnect communities divided by existing infrastructure barriers, mitigate negative impacts of transportation facilities or construction projects on disadvantaged or underserved communities, and support equitable transportation planning and community engagement activities.
• Grants to Reduce Air Pollution at Ports ($3 billion):  grants to reduce air pollution at ports that support the purchase and installation of zero-emission equipment and technology at ports.
• $1 Billion for Clean Heavy-Duty Vehicles: Includes school and transit buses and garbage trucks.
• Clean Energy Tax Credits:  Many of the clean energy tax credits also include either a bonus or a set-aside structure to drive investments and economic development in disadvantaged communities

• Grants to Conserve and Restore Coastal Habitats ($2.6 billion):  To conserve and restore coastal habitats and protect communities that depend on those habitats.

The historic Inflation Reduction Act is fully paid for by requiring the biggest corporations and ultra-wealthy pay their fair share. This will be achieved by:

• Strengthening IRS enforcement against wealthy tax cheats
• Closing tax loopholes exploited by the wealthiest few
• Implementing a 15 percent corporate minimum tax – which applies only to the 150 corporations making earning over $1 billion in profits that pay less than 15% in taxes.

The top 1% is estimated to avoid payments of around $160 billion in owed taxes each year. This bill will allow us to ensure the IRS has the resources to take on those wealthiest few using well-heeled armies of lawyers and accountants to break the law and cheat on their taxes.

This legislation includes no new taxes on families making $400,000 or less and no new taxes on small businesses, and Treasury Secretary Yellen has specifically directed the IRS Commissioner not to increase the audit rate for households making under $400,000 a year.

An overwhelming majority of the American public supports the Inflation Reduction Act’s key health care, climate and inflation-fighting measures.  Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans.  This legislation also enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care and U.S. Conference of Mayors.

The bill now goes to President Biden’s desk for his signature, which he is expected to sign.

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WASHINGTON, D.C. – Congressman Troy A. Carter, Sr. announced today that the Department of Transportation, in conjunction with the Federal Transit Administration, will award $6.88 million in funding to Jefferson Parish through the ‘Low or No Emission Grant Program’, a program under the ‘Grants for Buses and Bus Facilities Competitive Program’. 

The funding from this grant will assist in the financing of buses and bus facilities capital projects, including replacing, rehabilitating, purchasing, or leasing buses or related equipment, and rehabilitating, purchasing, constructing, or leasing bus-related facilities.  The purpose of the Low-No Program is to support the transition of the nation’s transit fleet to the lowest polluting and most energy efficient transit vehicles. The Low-No Program provides funding to state and local governmental authorities for the purchase or lease of zero-emission and low-emission transit buses, including acquisition, construction, and leasing of required supporting facilities. 

“I am proud to share this transformative investment in my district. Investments like these are why I’ve worked tirelessly on the Transportation and Infrastructure Committee to secure funding that will improve our hard and soft infrastructure alike. While this project will help us upgrade and expand public transit on the West Bank, the Infrastructure and Jobs Act that I helped craft will continue to bring resources like this throughout the District and State”, said Congressman Carter. “This grant enables us to improve traffic safety, tackle the climate crisis, create good-paying union jobs, and invest in communities that have historically been left behind.”

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NEW ORLEANS, L.A. – Today, Congressman Troy A. Carter, Sr. led a group of all six Louisiana House delegation members on a letterto Federal Emergency Management Agency’s Deputy Associate Administrator of Insurance and Mitigation, David Maurstad.

Together, Reps. Troy Carter, Steve Scalise, Garret Graves, Mike Johnson, Clay Higgins, and Julia Letlow wrote a letter calling for a commitment from FEMA to increase transparency and affordability within the National Flood Insurance Program’s (NFIP) Risk Rating 2.0 system.

“In Louisiana, many have experienced dramatic increases in the cost of policies without any explanation of what risk factors are causing these increases,” reads the joint letter. “We continue to be extremely concerned about Risk Rating 2.0’s treatment of flood protection and mitigation measures when setting individual rates. We have discussed these concerns with the people of Louisiana who are experts on flood protection and mitigation, including levee protection, home elevation, and coastal restoration, and it is increasingly concerning that there is still inadequate and insufficient information on how these protection efforts will be recognized under Risk Rating 2.0.”

In Louisiana, some NFIP customers have seen their premiums double or triple. An investigation from The Advocate found that about 50% of Louisiana policyholders will likely see phased-in increases of more than 129%, but around 10% will see premiums increase 400%. The Associated Press found that FEMA has estimated that 1 million Americans across the country will be unable to afford flood insurance by the end of the decade under the new Risk Rating 2.0 policy.

Tragically, in too many cases these skyrocketing premiums are causing homeowners to choose between paying their other household bills and maintaining active flood insurance coverage – a choice the Louisiana House congressional delegation decry in their letter.

“People should be rewarded, not penalized, for taking lifesaving measures to mitigate and protect against future floods,” the signers of the letter concluded. “As such, we look forward to your prompt response regarding this serious matter.”

Last week Congressman Carter also launched the Bipartisan Congressional Disaster Preparedness and Recovery Caucus, a group of four co-chairs from across the political spectrum allied in the fight to strengthen and streamline our nation’s disaster preparedness and response systems. The National Flood Insurance Program and Risk Rating 2.0 is expected to be discussed by the caucus as well.

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