WASHINGTON D.C., DC — The Inflation Reduction Act is being touted as the largest investment in climate change in U.S. history.
President Joe Biden spoke before a crowd of thousands on the South Lawn of the White House Wednesday to celebrate the legislative victory for his administration and Democrats ahead of the upcoming midterm elections.
"With this law, the American people won, and special interests lost," Biden said. "This law's gonna make a big difference for working and middle class families, finally giving them, as my dad would say, breathing room."
The bill that narrowly passed through Congress, with Vice President Kamala Harris being the deciding vote in the Senate, invests billions of dollars in health care and climate change.
The celebration comes a month after the IRA was signed into law. It also comes as the latest inflation report shows little relief in the month of August, unlike Democrats had hoped.
"The economic studies are very clear," Collins told NEWS CENTER Maine at her office in Washington Wednesday.
Collins is the only member of the Maine delegation to vote against the bill. She, like most Republicans, feels its $430 billion price tag is too expensive and does not provide immediate relief to struggling Americans.
"This bill, despite its name, is going to have no or insignificant impact on inflation over the next 10 years," Collins said. "So I think the bill is very problematic."
When asked what elements of the legislation she supported, Collins pointed to certain investments in combatting climate change, and noted her distain for the legislation's move to add thousands of IRS positions.
Those positions are supposed to help crack down on tax evasion and avoidance among the highest earners and large corporations nationwide.
One thing that will likely have a more direct effect on Mainers is millions invested in lowering prescription drug costs and out-of-pocket expenses for Medicare recipients.
The Inflation Reduction Act allows Medicare to negotiate on prices of many drugs, and caps the cost of insulin to $35 per month. It could take years for significant change though.
NEWS CENTER Maine asked Health and Human Services Secretary Xavier Beccerra what his message was for those who need relief now.
"Help us get Congress to make a 2023 not 2025 or 2026," he said. "We'd love to see some of these things come into being a lot sooner."
As for climate initiatives, the IRA promises to make major investments in the state.
That includes significant tax incentives for homeowners who invest in energy efficient appliances, upgrade heating equipment, or install solar.
It also allows up to a 30 percent rebate for certain buyers of electric vehicles.
Transportation Secretary Pete Butigieg told NEWS CENTER Maine the goal is to increase access and strengthen infrastructure to support it.
"This is one of those things we're working with every state in the union on," he said. "Using federal dollars to partner with states to make sure every 50 miles or less you can get to a charging station on the highway system."
While many are still struggling with high prices, and despite major Republican pushback, Democrats still see this as a victory. One they hope will not only help them in the midterms, but will make lasting change.
"This law is for you, and the millions of people like you. Good, decent hard working Americans," Biden said.