A number of renewable energy tax credits are targeted in the proposal released by House Speaker Kevin McCarthy (R-Calif.) to increase the federal debt limit.
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© Annabelle Gordon, The Hill |
McCarthy said on the House floor that the GOP legislation, which would increase the debt ceiling by about $1.5 trillion, would “end the green giveaways that distort the market and waste taxpayers’ money.”
In addition to repealing green tax credits, including some included in the Inflation Reduction Act, the measure incorporates the Republican H.R. 1 energy bill, an industry-friendly package that the GOP has cast as vital to reducing energy costs.
President Biden and Democratic leaders in Congress have called for a "clean" increase of the limit, though Republicans see the debt limit bill as a way to push the president to the negotiating table, The Hill's Emily Brooks and Aris Folley reported. Read more on the GOP's latest efforts at TheHill.com. |
Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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