– would eliminateBiden’s student loan forgiveness plan and claw back pandemic relief spending. It would also repeal most of the new renewable energy tax incentives codified in the Inflation Reduction Act.
“Republicans unfortunately are not allowing government to function as intended,” said Mark Paul, a professor of economics at Rutgers University.to oppose raising the debt ceiling “without substantive spending and budget reforms”, supporting McCarthy’s position. Biden is set to meet with McCarthy on Tuesday.
The Inflation Reduction Act dedicated $369bn to climate and renewable energy policies, constituting the largest down payment on climate policy in US history. But the GOP proposal would gut theThe McCarthy bill would repeal the $4,000 credits for used vehicles and phase out some of the $7,500 credits for new EVs, remove tax breaks for building solar panels and other clean energy infrastructure, and put an array of otheron the chopping block.
“I am screaming at the top of my lungs for climate people who don’t normally get that into debt ceiling fights … to get involved in this one,” she said. The proposal was also originally set to eliminate incentives for the production of corn ethanol, but members of the Republican caucus from the midwest, where corn used to make ethanol is grown,The proposed cuts could help McCarthy curry favor with the far-right wing of his party. But if passed, the measure would come at great cost to Republican voters.