Calmes: Why is the climate on the table in the debt ceiling fight?
found that the Treasury’s higher costs would be offset by the value of the societal benefits from reduced emissions.
And without those carrots for industries and consumers, the United States won’t be able to keep its international commitment to reduce greenhouse gas emissions by 2030 to a level that’s at least half what they were in 2005. Even with the incentives, the nation will fall short. More remedial actions are needed, not fewer.Some legal scholars say a clause in the 14th Amendment could mean the president can bypass Congress and clear the way for more debt to be issued. Others are dubious.
The good news is that Republicans will almost certainly have to retreat on repealing the Biden clean energy package, at least for now. Both sides have to compromise to increase the nation’s debt ceiling — so that the Treasury can keep borrowing to pay bills incurred by past presidents and Congresses — or else they’ll share the blame for an economy-shaking default as early as June. As worried as some Democrats are about what Biden might agree to, he’s not going to forfeit his climate agenda.
The party’s promotion of oil, gas and coal, and its hostility to addressing climate change, is so ideologically ingrained that Republicans oppose the Biden incentives as “corporate welfare” even though most of the new plants, projects and jobs the tax credits are spawning areIn April, McCarthy crowed that the House debt limit bill, by repealing clean energy credits, would “end the green giveaways for companies that distort the market and waste taxpayers’ money.
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