Debt Ceiling Deal Announced

On Saturday, President Joe Biden and U.S. Speaker of the House Kevin McCarthy announced they had reached a deal in principle on a two-year government budget in exchange for lifting the debt ceiling through January 2025.

House Republicans had been determined to discard the roughly 10-year $80 billion in IRS funding contained in the Inflation Reduction Act (IRA) that was passed last year. It has been reported Republicans were successful in getting approximately $21 billion of the funding repurposed to non-defense areas.

According to White House talking points, the current agreement would not make any changes to the Inflation Reduction Act’s climate and clean energy provisions. Previous Republican efforts to upend other provisions within the IRA, including the $1 per-gallon biodiesel and Renewable Diesel Tax Credit along with limiting the 45(Q)-tax credit for carbon sequestration, were met with early…