McCarthy Debt Plan Cuts Spending, Nixes Biden’s Green Giveaways

  • House Speaker Kevin McCarthy’s legislation to extend the nation’s debt limit for one year would return federal domestic spending to “pre-inflationary” fiscal year 2022 levels and limit its growth by 1% per year.
  • The 318-page legislation repeals certain clean energy tax incentives from the Democrats’ Inflation Reduction Act that passed late last year, including the tax credit for previously owned clean vehicles and the tax credit for qualified commercial clean vehicles.
  • However, the legislation retains the new electric vehicle purchase tax credit of up to $7,500. While it retains that incentive, it changes the tax credit’s formal name from the “Clean Vehicle Credit” to the “New Qualified Plug-in Electric Drive Motor Vehicle Credit.”
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