Sen. King details how Inflation Reduction Act would impact Mainers
AUGUSTA, Maine (WABI) - As the U.S. Senate nears a vote on the Inflation Reduction Act, Senator Angus King detailed how it would impact Mainers.
He says the biggest provision is the cap on out-of-pocket drug costs for seniors at $2,000 - something that could take effect as early as this Fall.
The bill also includes large investments in clean energy to lower costs and combat climate change.
King says the bill is fully paid for, and includes tax provisions for large corporations and enforcement to reduce the deficit.
With Mainers paying significant money on prescription drugs and energy essentials like heating oil, King thinks it would make an immediate impact.
”People who are now having to pay these out-of-pocket costs for drugs above a certain level, I think that it’s going to make a difference,” King said. “The negotiating of Medicare for drug prices will ripple out through the economy and I believe will lower prices generally.
“In terms of energy, when we can get on to renewable power with sufficient storage so that it’s baseload, then we don’t have to worry about what Putin is doing about wars in Ukraine, about cutting off of natural gas, about problems in the Gulf Coast, then we can have low cost, consistent, solid, energy costs.”
King says the bill could be voted on Sunday morning.
Copyright 2022 WABI. All rights reserved.