Budget office projects Biden green energy plan will cost much more than initial estimate
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The Congressional Budget Office estimates that the federal deficit will grow by $1 trillion over the next 10 years, with part of that growth driven by unexpectedly high costs related to President Joe Biden's goal of reorienting the U.S. economy towards greener energy. The CBO projects that the costs of clean vehicle tax credits and falling gas tax revenues will add $224 billion to the deficit over 10 years. The impact of new emissions standards, clean energy tax credits, and falling gas tax revenue will add $25 billion to the budget deficit this year and $428 billion over a decade. The CBO director, Philip Swagel, stated that the costs of energy-related tax provisions are much higher than originally projected due to new emissions standards, market developments, and actions taken by the administration. The CBO report also highlighted uncertainties about the long-term impact of green energy on the economy and the federal budget. Additionally, the report noted that the aging population and growth in federal healthcare costs per beneficiary are contributing to the deficit growth. The estimated deficit growth of $1 trillion over the next 10 years is slightly lower than the CBO's projection from last year. The decrease is attributed to a slowdown in the projected growth of government spending mandated by the Fiscal Responsibility Act of 2023. The CBO expects that approximately three-quarters of the deficit growth will be driven by the cost of paying interest on the national debt. The CBO report provides insight into the costs of Biden's green energy agenda and the challenges of implementing it.

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https://www.cnbc.com/2024/02/07/bidens-clean-energy-plan-to-cost-far-more-than-initial-estimates.html