April 28, 2023
ICYMI – Estimated Cost of IRA Climate Provisions Now Three Times Higher Than Originally Thought
Yesterday, the Penn Wharton Budget Model updated its estimated cost of the climate and energy provisions of the Inflation Reduction Act of 2022. Previously estimated to cost $384.9 billion over 10 years (FY2022-2031), the cost estimate is now $1,045 billion – nearly three times the original estimate. President Biden is willing to exchange our children's future economic prosperity for progressive climate provisions that benefit the wealthy and disincentivize American energy. It is time to hold the Biden administration accountable for prioritizing extreme and wasteful climate spending over the financial security of American families.