"Biden's Climate Initiatives to Cost Over $400 Billion More Than Expected, CBO Reports"
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.