(WFXR) — U.S. Sen. Tim Kaine (D-Va.) addressed his fellow lawmakers on Saturday regarding the upcoming vote in the Senate on the Inflation Reduction Act.

According to officials, the Inflation Reduction Act will reportedly bring down inflation, reduce carbon emissions, lower health care costs, extend the Affordable Care Act, and fully fund the Black Lung Disability Trust Fund.

On Saturday, Aug. 6 — the same day Kaine delivered a speech on the Senate floor about the black lung benefits in the Inflation Reduction Act — the Virginia senator released the following statement about the legislation:

“We will start the floor debate today leading up to passage of the Inflation Reduction Act. Every Republican will oppose the Inflation Reduction Act because they want to protect Big Oil and Big Pharma, who hate our climate and health provisions. 

This bill will save Virginians money on prescription drugs and health insurance premiums. It will protect our miners and their families by permanently extending the federal black lung excise tax at a higher rate, providing certainty for future benefits.  It will spur American innovation in clean energy, including Virginia’s growing offshore wind and solar industries, and help us battle climate change. And it will dramatically reduce the federal deficit. Let’s get it done!”

U.S. Sen. Tim Kaine (D-Va.)

According to Kaine’s office, there will not be a change in taxes for families making $400,000 or less and there will be no new taxes on small businesses.