WASHINGTON — The U.S. budget deficit will grow by an estimated $1 trillion over the next 10 years, the nonpartisan Congressional Budget Office projected in a new report Wednesday.
"I came to office determined to ... face the existential threat of climate and still grow, to fundamentally change our economy, and to transition this country to a clean energy future," Biden said last October.
Taken together, CBO estimates that the impact of new emissions standards, clean energy tax credits and falling gas tax revenue as people buy less gas, will add $25 billion to the budget deficit this year.
"Those costs reflect new emissions standards, market developments, and actions taken by the administration to implement the tax provisions."
The CBO also noted that there are still many unknowns about how green energy will impact the economy and the federal budget longer term.
Persons:
WASHINGTON, Joe Biden's, Biden, Philip Swagel, EPA's
Organizations:
CBO, Environmental Protection Agency
Locations:
The, U.S