Biden signed a law in 2022 known as the Inflation Reduction Act, or IRA, containing $430 billion in climate and clean energy spending and tax credits. Independent estimates later raised the cost of that law to over $1 trillion by 2032, but the IRA actually saved the government $240 billion because of its increased tax enforcement and prescription drug savings, according to the Committee for a Responsible Federal Budget. And importantly, the IRA’s tax credits spurred companies to build new factories and solar and wind farms in the US, creating jobs with it.

Trump and congressional Republicans haven’t killed the law, although they are aiming to take parts of it out later this year. Trump has effectively killed other climate policies Biden imposed through executive order, but it will take an act of Congress to reverse the former president’s signature climate bill.

https://www.cnn.com/2025/03/04/politics/fact-...index.html

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