WASHINGTON (NEXSTAR) — President Joe Biden and Democrats will celebrate the passage of the Inflation Reduction Act Tuesday.

The White House expects thousands to attend Tuesday’s event, where the president will lay out how the law will help everyday Americans.

While in Boston Monday, the president said the $740 billion plan would change the lives of Americans by investing big in clean energy and climate policy and lowering the cost of prescription drugs.

“The American people should have confidence we are on the right track,” Biden said. “Building an economy that finally works for the working people.”

Democrats say the law will reduce the national deficit by raising taxes on some large corporations and could help lower inflation long term, thanks also to the passage of the bipartisan CHIPS Act.

However, on the Senate floor Monday, Senate Minority Leader Mitch McConnell called the plan “utter nonsense” and said the spending in the package is like throwing gasoline on a fire.

The White House says the administration is encouraged inflation, which remains at a 40-year high, could be simmering following July’s Consumer Index Report and due to falling gasoline prices and supply chain fixes.