U.S. clean energy tax subsidies under President Joe Biden’s signature Inflation Reduction Act will boost U.S. budget deficits by $825 billion over the next 10 years, Congressional Budget Office director Philip Swagel said on Friday, far above the initial $270 billion 10-year estimate.
Swagel told reporters that higher cost estimates are due in part to a different budget window, 2025-2035, compared to 2022-2031 for an initial estimate when the legislation was approved in 2022.
Costs also were higher because of subsequent rule changes that increased the uptake of electric vehicle subsidies, including a leasing provision and new tailpipe emissions standards for internal combustion cars, he said.
Source : Reuters
In Latin America and the Caribbean (LAC), one in five people report experiencing or knowing…
Commodity booms are easy to celebrate but hard to manage. For resource-rich economies, commodity windfalls—if…
Policy narratives in the US on China have undergone a dramatic transformation in recent years.…
Trade in critical metals essential for electrification has become centred on China over the last…
The voluntary carbon market was built on a single promise: that one credit cancels one…
Macroprudential policy is designed to make the financial system safer, but it can also reshape…