The estimated cost of President Biden’s clean-energy and climate agenda has doubled since the passage of the Inflation Reduction Act due to forecasters’ expectations of its increased popularity. The law includes tax credits and subsidies for low-emission energy technologies to transition away from fossil fuels. Forecasts now project these provisions to add over $800 billion to deficits through 2033, driven by booming investment in clean-energy manufacturing and unexpected popularity of electric vehicles. Despite concerns about the budget impact, the law is expected to lead to significant emissions reductions, potentially spurring global climate action and benefiting the economy in the long run. However, the rising cost of energy and climate incentives is expected to add slightly to deficits from 2022 to 2031, though Biden administration officials argue that increased IRS enforcement efforts will offset these losses and ensure the law reduces deficits overall.

https://www.nytimes.com/2024/02/08/us/politics/biden-inflation-reduction-act-cost.html