House Republicans say they want to repeal portions of the Inflation Reduction Act. Here's why when push comes to shove they’re likely to embrace green jobs instead:
US House Speaker Kevin McCarthy, a Republican from California, at the US Capitol in Washington, DC, US, on Wednesday, April 26fight over the U.S. debt ceiling
is a major economic and political story. If Congress and the White House don’t come to an agreement in the coming weeks, the U.S. risks defaulting on its debt. This could spark an economic crisis in the short term and make the U.S. a less reliable creditor in the long term. All of this would have enormous political consequences for politicians in Washington.
In theory, the debt ceiling fight might have big implications for U.S. climate policy, too. House Republicans passed legislation last week to repeal provisions of the Inflation Reduction Act , President Joe Biden’s landmark climate law, as a condition of raising the debt ceiling. But this legislation won’t become law. The Democratic-controlled Senate won’t pass it, and President Biden has already promised to veto it.
Nonetheless, taking a closer look at the bill and how it came about can tell us a lot about why the IRA is so durablethat passed the House last week was the result of a compromise between two factions: rank-and-file Republicans who wanted to eliminate IRA tax incentives entirely and a group of Republicans from the midwest who refused to support cuts to ethanol tax credits.
The ethanol industry, which makes biofuels from corn, is a significant employer in the midwest, and cutting government support for the industry would obviously harm the region’s economy. To win that faction’s support, House Speaker Kevin McCarthy kept the ethanol tax credits in the GOP’s proposed legislation to mostly gut IRA-related tax credits—which passed the House with only Republican votes, and now faces Senate approval.
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