US Inflation Reduction Act cost is exploding

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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 support in what became the defining achievement of President Joe Biden’s first two years in office. The law expanded existing tax credits for electric vehicles and renewable energy while creating new tax incentives designed to expand manufacturing of those technologies in the United States to serve both the administration’s climate change and industrial agendas.

The original estimate tied to the legislation projected its energy and climate change-related programs to cost $369 billion over 10 years.

More recent projections estimate that the IRS will shell out more and, by some measures, three times more.

Read more at Washingtonexaminer.com

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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!