President Biden’s Climate Agenda Is Contributing To Ballooning Deficit, CBO Reports
Heartland Author
February 27, 2024
By Nick Pope
President Joe Biden’s massive climate agenda is contributing to the ballooning federal deficit, according to the Congressional Budget Office (CBO).
The administration’s green spending, which Vice President Kamala Harris recently estimated to cost $1 trillion, is playing a role in the growing federal deficit, according to a new CBO report that assesses the outlook for the budget and the general economic situation in the country for the next ten years. The CBO says that energy-related tax credits are actually more costly than initially understood, and that other climate regulations and actions are also contributing to the costs as well.
“Two key factors partially offset that deficit reduction relative to last year’s projections,” CBO Director Phillip Swagel said of his office’s report. “First, net interest costs rise as a result of higher interest rates. Second, the costs of energy-related tax provisions are much higher than the staff of the Joint Committee on Taxation originally projected. Those costs reflect new emissions standards, market developments, and actions taken by the Administration to implement the tax provisions.”
https://heartlanddailynews.com/2024/02/president-bidens-climate-agenda-is-contributing-to-ballooning-deficit-cbo-reports/
