There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country’s debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act.
Debate Over Inflation Reduction Act Heats Up as Debt Ceiling Deadline Approaches
This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration’s Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said that the repeals would “end the green give
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