Former President Donald Trump Threatens to Cancel Unspent Funds from Biden's Climate Law
In a bold move, former President Donald Trump has vowed to cancel all unspent funds from President Joe Biden's signature climate law if he wins the presidential election on Nov. 5. However, experts believe that targeting the remaining funds would pose a massive legal challenge for the new administration.
The Biden administration has already allocated $90 billion in grants for climate, clean energy, and other projects under the 2022 Inflation Reduction Act. This amounts to 70% of the total climate-focused grant money and over 80% of the available funds before 2025.
White House Deputy Chief of Staff Natalie Quillian stated that the administration is distributing the funds quickly and fairly. She also emphasized that freezing unspent funds and tax credits under the law would be difficult if Trump were to return to office.
The Inflation Reduction Act, valued at over $400 billion, is the largest U.S. climate law to date. Trump, a climate change skeptic, has pledged to rescind all unspent funds if elected, sparking controversy among Democrats and Republicans.
House Speaker Mike Johnson has indicated that Republicans may target the law if they gain control of Congress. However, the fate of the Inflation Reduction Act hinges on the outcome of the upcoming election and the makeup of the next Congress.
Despite Trump's intentions, legal experts suggest that repurposing the funds may be challenging due to existing protections in the Impoundment Control Act. These measures limit the authority of presidents to withhold appropriated funds based on policy disagreements.
In conclusion, the future of Biden's climate law and its impact on clean energy deployment and tax incentives remain uncertain. The outcome of the upcoming election will determine the course of action for the Inflation Reduction Act and its implications for the environment and the economy.