Sen. Collins and Sen. Shaheen on Pres. Biden’s infrastructure bill and the importance of the Climate Solutions Caucus
Sen. Susan Collins (R-ME) and Sen. Jeanne Shaheen (D-NH), joined Yahoo Finance to discuss infrastructure and climate initiaves for 2021 and beyond.
Video transcript
ADAM SHAPIRO: Yahoo Finance correspondent and anchor Akiko Fujita has devoted the whole week to a series of reports because it's Earth week, and she's joining us now.
AKIKO FUJITA: Yeah, not just Earth week, Adam, but we've also got that two-day summit over at the White House coming up, convening 40 leaders virtually to have a discussion on how to tackle climate change-- not often that we get a bipartisan conversation going, but that's certainly what's happened, with 14 lawmakers tackling this issue through the Climate Solutions Caucus. And we've got Senator Susan Collins from Maine as well as Senator Jeanne Shaheen from New Hampshire both joining in on the conversation today.
Great to have you on. Senator Shaheen, let me start with you, because I know you were part of the group that met with the president today. Certainly, when you look at the infrastructure package right now, there is a lot of focus on climate initiatives there. What's your sense of how much progress was made in trying to at least narrow the divide between the two parties on this?
JEANNE SHAHEEN: Well, I think it was a good discussion. It was bipartisan and bicameral. But it's a beginning. Obviously, the president has been doing a series of conversations with members of congress, and I think it's important that he's willing to listen to what people have to say and to talk about how we get to some agreement.
And obviously, one of the important things about some of the climate provisions that are in the infrastructure package is that they're going to add jobs. And that's the goal. We want to invest in America in a way that provides economic opportunities and ensures that we can stay competitive with our adversaries, China and Russia, and, of course, the rest of the world.
AKIKO FUJITA: Senator Collins, when we talk about this Climate Solutions Caucus, it was formed back in 2019 really as a way to bring both parties together on this issue of climate change. Two years in, how would you assess the progress that has been made through this caucus so far?
SUSAN COLLINS: I think it's been very valuable. For example, in the last Congress, I authoried a bipartisan bill called the BEST Act that has to do with energy storage. One of the keys to getting more renewables into our electric grid is figuring out a way to better store solar and wind energy so that when the sun isn't shining, the wind isn't blowing, you can still tap into energy that is produced by those means.
Senator Shaheen has done great bipartisan work on energy efficiency, which is one of the most important things that we can do in order to reduce our greenhouse gases and climate footprint. So those are two examples of bipartisan efforts that I think have made a real difference. And don't underestimate just the power of a group of Democrats and Republicans coming together, committed to a common cause.
AKIKO FUJITA: There are a number of climate initiatives, as you know, laid out in this infrastructure bill-- $174 billion to expand electric vehicles, you've got $100 billion to update the country's electric grid, even $16 billion set aside to help fossil fuel workers be able to transition into green jobs. Senator Collins, I know the question right now is about how it's going to be paid for. But on the solutions that have been proposed themselves, what are some key ones that you think Republicans can come to the table on?
SUSAN COLLINS: Republicans have long supported a robust infrastructure package. There's a real issue with three major principles behind the president's package. One is the scope, which goes way beyond traditional infrastructure. The second is the cost-- the top line of $2.3 trillion on top of the spending for COVID is enormous.
And the third is the pay-fors. So those are going to be issues which are going to take a lot of work to bring us together. But I'm always for additional research to make our transportation structure more efficient and more climate-friendly. But I've got to say, I don't think it makes sense to spend $174 billion on electric vehicles, which is more than roads, bridges, seaports, airports, and waterways combined.
AKIKO FUJITA: So, Senator Shaheen, if the price tag is the concern, the reality is any kind of transition into a green economy is going to cost some money. What are the alternative ways for revenue that Democrats are considering right now?
JEANNE SHAHEEN: Well, I think, as Senator Collins says, what's important is that we continue these discussions and try and work together in a bipartisan way. That's why the Climate Solutions Caucus is so important, because it is an opportunity for us to talk to each other. And one of the challenges is going to be, how do we pay for this package?
But there are a whole range of things that have been discussed not just this year, but over several past congresses that include things like an infrastructure bank. We heard the IRS commissioner a couple of weeks ago say that we can raise anywhere from $300 billion to $1 trillion if we collected on all of those people who are not paying their taxes-- and all those corporations.
That's a place that we ought to be looking. We can be thinking about something like the Build America bonds that we've done in the past as well as looking at whether the gas tax is capturing all of those vehicles on the road, like electric vehicles, that right now aren't paying that gas tax. So those are all things that I'm sure are going to get discussed in the coming weeks. And hopefully we can come to some agreement on, if not the whole package, on certain aspects of the package that we can support. And let's start with that.
AKIKO FUJITA: We don't have much time left, but I wonder if both of you can speak to the impact climate change has had on your communities back home. Senator Collins, you look at Maine, for example, we've seen sea levels rising more rapidly-- certainly, a lot of properties threatened as a result of that. How has that evolved your thinking.
SUSAN COLLINS: It plays a very important role in my commitment to doing something on climate change and working as a member of the caucus. Let me talk about an area that frequently isn't discussed, and yet it's directly related to climate change. And that is the impact on public health.
We have seen an explosion in the state of Maine of tick-borne illnesses like Lyme disease. That did not even exist in the state of Maine 25 years ago, because temperatures were colder. And the ticks could not survive the winter. And now, we have one of the highest rates of tick-borne illnesses in the country.
We have one of the highest rates of asthma in the country, and that's due to pollutants that are blown into the state of Maine, not produced in Maine, but from coal-fired power plants. So that's two examples that have shaped my thinking on climate change.
AKIKO FUJITA: And, Senator Shaheen, really quickly, what have you seen that said, we need to take action more quickly?
JEANNE SHAHEEN: Well, absolutely. New Hampshire and Maine are experiencing some very similar problems as the result of climate change. And it's not just the health problems-- we have one of the highest rates of childhood asthma in the country as well-- but we're also seeing an economic impact on fewer snow days and erratic weather patterns.
Last week, we had temperatures in the 70s and we had snow on Friday. So that's not what we should be seeing in New England at this point. It's affecting our maple sugaring industry, our skiing industry-- skiing and snowmobiling. It's affecting our wildlife and vegetation.
Our moose population is down 40%. So there is a huge impact. And for those of us who have lived in New England, as Senator Collins and I have, we've seen it in the last couple of decades. It's measurable.
AKIKO FUJITA: Senator Susan Collins and Senator Jeanne Shaheen, it's great to have you on today. Thanks so much for joining us.
