House Republicans proposed new debt ceiling legislation that would repeal nearly a dozen clean energy subsidies recently authorized by the Democratic Inflation Reduction Act as a way to reduce federal spending.
The GOP proposal would cut or shrink numerous of the tax credits that President Joe Biden and Democrats in Congress signed off on in August to expand renewable energy technologies, reduce greenhouse gas emissions, and accelerate their climate change agenda, including the new tax credit for consumer purchases of used electric vehicles.
"The Limit, Save, Grow Act will limit federal spending, save taxpayers trillions of dollars, grow our economy, and lift the debt limit into next year," House Speaker Kevin McCarthy said."This legislation will make us less dependent on the whims of the Chinese Communist Party and curb high inflation, all without touching Social Security or Medicare — because no one is hurt more by inflation than seniors.
The law included language designed to bring those industries home or enable their expansion in trade partner countries, although some Democrats, most notably the chief author, Sen. Joe Manchin , have complained that the administration is implementing the law too liberally to achieve those goals.
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