House Republicans’ debt limit proposal seeks to relitigate one of the most consequential congressional debates of last year — by taking an ax to Biden’s signature climate law. The White House quickly responded that that’s not going to happen.
Inflation Reduction Act
“They’re in Congress threatening to undo all the stuff that you helped me get done,” Biden said during an appearance at a Maryland union hall. “You and the American people should know about the competing economic visions of the country that are at stake right now.”The GOP bill would enact the party’s marquee energy bill,.
“These spending limits are not draconian,” McCarthy said in a Wednesday floor speech ahead of the bill release. “They are responsible. We’re going to save taxpayers money. It will end the green giveaways for companies that distort the market and waste taxpayers’ money.” Republicans are also proposing to modify several other existing tax credits under the law, including by reestablishing the previous investment and production tax credits for solar and wind that the IRA had extended and increased. The GOP would nix both the production and investments tax credits for green sources after 2024, as well as incentives for paying prevailing wage, using domestic content and placing facilities in communities historically dependent on fossil fuels.
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