Roughly a week after Congress approved a measure to slash federal spending and suspend the debt ceiling, House Republicans on Friday unveiled a sprawling set of proposals that aim to cut taxes for businesses and some families.
The new legislative package threatens to add billions of dollars to the nation’s growing debt at a time when Republicans have clamored in Washington for austerity — and recently drove the government to the brink of default in pursuit of it.
As part of that bill, Republicans also proposed to rethink key climate programs that Democrats secured last year in the Inflation Reduction Act in a bid to fight climate change. The proposal would introduce new limits on tax credits meant to help Americans purchase electric vehicles, while prohibiting purchasers from applying the federal aid toward used vehicles.
In reviewing the legislation, the nonpartisan Joint Committee on Taxation estimated that the three GOP bills together would add about $21 billion to the deficit over the next 10 years. But some budget experts said that figure tells only part of the story, since Republicans relied on a series of timing and accounting maneuvers to create the impression of a low price tag.
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