House Debt Ceiling Plan Threatens Economic and Climate Ruin
WASHINGTON – House Speaker Kevin McCarthy released a proposal to increase the federal debt ceiling limit today, which includes provisions to cut clean energy tax credits from the Inflation Reduction Act and promote fossil fuels production.
Following is reaction from NRDC President and CEO Manish Bapna:
“Today’s proposal from Speaker Kevin McCarthy not only holds our nation hostage with the risk of financial ruin if we fail to address the debt limit, but it also threatens us with climate ruin as well—and will hurt the communities most at risk from climate change. This proposal repeals the heart of the Inflation Reduction Act, and includes the worst ideas contained in HR 1—the Polluters Over People Act—from fossil fuel giveaways, to slashing environmental protections.
“The climate and clean energy incentives in the Inflation Reduction Act have been a remarkable success, feeding a heartland manufacturing renaissance with clean energy at its core. In just the eight months since this was enacted, corporations have invested a staggering $75 billion in clean energy and new U.S. factories to make solar panels, wind turbines and components, electric vehicles and advanced batteries, with the promise of 60,000 direct jobs in red states and blue. It’s strengthening the domestic supply chain for the building blocks of a modern economy, boosting innovation, productivity and competitiveness while making important investments for environmental justice and disadvantaged communities.
"This warmed-over hash of giveaways, handouts and get-out-of-jail-free cards for some of the worst polluters on the planet will risk all of the progress that the IRA is helping us secure. This bill needs to be stopped in its tracks."
NRDC is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the planet's wildlife and wild places and to ensure the rights of all people to clean air, clean water, and healthy communities. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at nrdc.org.