The federal government may end up spending $800 billion more than originally projected to subsidize green energy technologies under the Inflation Reduction Act, fueling a campaign from Republicans and a threat from the legislation’s own chief architect to roll back its programs. Democrats passed the energy and healthcare spending law last August without any Republican […]
Tag: Inflation reduction act
EPA’s 100 billion windfall is ripe for fraud
At a hearing before a House committee on Wednesday, the Environmental Protection Agency’s internal watchdog warned lawmakers that the agency’s recent surge in funding — part of President Biden’s climate policy spending — comes with “a high risk for fraud, waste and abuse.” The EPA — whose annual budget for 2023 is just $10 billion […]
Inflation Reduction Act to cost US $1.2 trillion
President Biden’s clean-energy law will cost roughly $1.2 trillion, a figure three times more than what supporters initially claimed. The Inflation Reduction Act was passed last year in an effort to address climate change, security and energy. Lawmakers who voted for the legislation said it would spur trillions in private-sector investment. An analysis by Goldman […]
EU calls Biden’s IRA ‘threat to their economy’
Some EU members have criticised the US Inflation Reduction Act (IRA), raising fears of a trade war. There are concerns that tax breaks may lure away EU businesses and disadvantage European companies. Under the IRA, consumers will get incentives to purchase new and second-hand electric cars, to warm their homes with heat pumps and even […]
Kerry admits IRA has nothing to do with inflation
U.S. special presidential climate envoy John Kerry praised the Inflation Reduction Act, calling it an “amazing” bill due to its climate-related impact while acknowledging that it does not seem to do much for inflation. Speaking at the International Energy Agency’s Global Clean Energy Action Forum, Kerry called the bill “a completely misnamed piece of legislation,” […]
Biden parties at White House while Dow crashes
President Joe Biden’s foes are lambasting him online for celebrating legislation geared toward the fight against rising consumer costs the same day new figures show inflation remains stubbornly high. Appearing with congressional allies and iconic singer-songwriter James Taylor, Biden held a White House event Tuesday to celebrate the Inflation Reduction Act. The bill is the […]
The Inflation Reduction Act doesn’t live up to the hype
The Democrats are celebrating the passage of the Inflation Reduction Act over unified Republican opposition, claiming that the legislation is a historic breakthrough. Sadly, it’s not. Though the new legislation takes some steps in the right direction on climate and drug prices, it falls far short of what is needed. The Democrats, with control over […]
Biden is on a roll, can he make it count?
The upside to a year and a half of false starts and breakdowns, Democrats say: They stumbled into having a pile of good news right before midterm campaigning really picks up, and just as the average gas price has fallen below $4 and Donald Trump’s last week included having the FBI search Mar-a-Lago and invoking […]
Will the Inflation reduction act have any impact on Inflation?
With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the answer […]
Biden regains momentum with new bill
One month ago, the heart of President Joe Biden’s domestic agenda was on life support, and his job approval rating had dropped to a new low. Biden and his party appeared headed for a shellacking in the midterm elections. Even Democratic voters seemed ready to move on from the president, openly questioning whether he should […]
Will the ‘Inflation Reduction Act’ work?
The Democrats’ reconciliation bill has both sides of the partisan divide citing study after study to argue for or against the deal. The bill, known as the Inflation Reduction Act, aims to curb climate change, improve health care, raise certain taxes, and cut the deficit. The problem is sometimes opposite sides are making their cases […]