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Chartbook #139 The battle for climate legislation in the US: making sense of the Manchin-Schumer compromise

The Manchin-Schumer compromise in the draft Inflation Reduction Act includes:

$260 billion in clean-energy tax credits; $80 billion in new rebates for electric vehicles, green energy at home and more; $1.5 billion in rewards for cutting methane emissions; $27 billion `green bank' for a federal green bank to complement the 23 that already exist across the US; support for coal miners with black lung

All told, Democrats estimate the bill will bring in $739 billion in revenue and will invest $433 billion in spending. The result will be to reduce the deficit by in the order of $300 billion. The large-scale pledges on climate spending are flanked by provisions that will force through $288 billion in savings on Medicare expenditure, at the expense of the pharmaceutical industry, a three year $64 billion subsidy to support Obamacare and a $2000 cap on out of pocket costs for seniors on Medicare.



'Sapere aude'
by Oui (Oui) on Tue Aug 2nd, 2022 at 06:38:29 PM EST

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