The White House estimated, and independent budget analysts agreed, it could cut the deficit by $300 billion over the next decade.
The tax credits have been massively popular with companies, spurring new investments and boosting job growth, environmental benefits -- and the price tag.
The bill will add $750 billion to the nation’s deficit over ten years, according to Smetters.
White House officials say revenue will outpace original congressional estimates, and they point to the millions of jobs the IRA is expected to create.
“We’re going to have more deployment and achieve more emissions reductions than we initially thought,” the White House official said.
Persons:
Joe Biden, Biden, ”, Kent Smetters, Goldman Sachs, Joe Manchin, Manchin, we've, Joe Biden’s, Tesla, Smetters, ” Smetters, “ We’re, Merck, Jarrett Renshaw, Heather Timmons, Alistair Bell
Organizations:
White House, Penn Wharton Budget Model, White, Congressional, Credit Suisse, University of Pennsylvania’s Wharton Business School, U.S, Democrat, Credit, Office, University of Pennsylvania, European Union, EV, Biden, Republicans, CBO, Amazon, Pepsi, Home, Thomson
Locations:
U.S, Japan