CBO: Climate Provisions in Biden's Bill to Cost Over $400B More Than Expected, Adding to Deficit

CBO projects climate initiatives in Biden's Inflation Reduction Act will cost over $400B more than initially expected, now totaling $428B
Increased costs largely due to clean vehicle tax credits and reduced gasoline tax revenue projections
Projections incorporate stricter vehicle emissions standards proposed by EPA for 2027 model year
CBO says nation's deficit would reach $2.6T in 2034, with debt held by public hitting 116% of GDP that year
Projected 2034 debt levels would mark an all-time high for the nation