"Biden's Climate Initiatives to Cost Over $400 Billion More Than Expected, CBO Reports"
TL;DR Summary
The Congressional Budget Office (CBO) has revealed that the climate initiatives outlined in President Joe Biden’s Inflation Reduction Act will cost over $400 billion more than initially expected, with the total estimated at $428 billion. This increase is primarily due to clean vehicle tax credits and revenues from excise taxes on gasoline. The CBO also projected a mounting deficit, reaching $2.6 trillion in 2034, and debt held by the public increasing to 116% of GDP by the same year, marking an all-time historical high for the nation.
Topics:business#budget-projections#climate-initiatives#congressional-budget-office#inflation-reduction-act#joe-biden#politicseconomics
- Climate Initiatives In Biden's Inflation Reduction Act Will Cost Over $400 Billion More Than Initially Expected, CBO Says The Daily Wire
- The Cost of Biden's Climate Tax Credits Is Soaring The Wall Street Journal
- Greater-than-expected investment in EVs, wind, solar swells cost of Inflation Reduction Act: CBO The Hill
- Budget office projects Biden green energy plan will cost much more than initial estimate CNBC
- Why the Cost of Biden's Climate Law Keeps Going Up The New York Times
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