Inflation Reduction Act Expected Friday in U.S. House

With your Southeast Regional Ag News, I am Haylie Shipp. This is the Ag Information Network.

Today we are talking about the Senate-passed Inflation Reduction Act which is now headed for expected House action on Friday. With climate change emission reductions a big part of the bill, the debate over cost and impact is heating up.

The bill would spend nearly 370 billion dollars on tax breaks to spur renewables like biofuels, electric vehicle purchases, and home energy efficiencies, plus billions more on climate-smart Ag, like EQIP and RCPP. Senate Majority Leader Chuck Schumer says it’s the largest investment ever in climate…

“By our analysis, this bill will cut greenhouse gas emissions by approximately 40 percent by 2030. That’s a lot.”

 

Senate GOP Leader Mitch McConnell argues it’s a waste of money, won’t work, and is not politically popular…

“The Democrats’ focus is ‘Green New Deal nonsense,’ that only three percent of the country wants to be prioritized. Big subsidies to help rich people buy luxury cars and new stoves. Taxpayer funding for environmental protesters. A huge catalog of nonsense that would not put a dent in global emissions.”

 

The House is expected to take it up on Friday and with key moderates on board, Democrats seem likely to pass it.