"Rising Debt and Climate Law Costs: CBO's Projections and Impact on Tax Reform"

The estimated cost of President Biden’s clean-energy and climate agenda has doubled since the Inflation Reduction Act was signed into law, largely due to forecasters' belief that the law will be more popular than expected, partly because of the way the Biden administration wrote certain regulations. The law includes tax credits and subsidies for low-emission energy technologies, with uncapped credits for incentives like building solar-panel or wind-turbine factories and buying electric vehicles, leading to increased federal deficits. The new forecasts project that the energy incentives in the law will cost about twice the original estimate over the next decade, through 2033.