WASHINGTON: US President Joe Biden is not planning to seek legislative changes to the Inflation Reduction Act (IRA), White House Press Secretary Karine Jean-Pierre said on Friday.
“We don’t have any plans to go back to Congress for legislative changes,” Jean-Pierre said at a press briefing from Air Force One.
Jean-Pierre added that the Biden administration is committed to swiftly implement the IRA, so that American families and workers can start seeing the benefits of the Act, which has sparked trade concerns from European allies.
“We are working out subsequent consultations with our European counterparts.
We won’t get ahead of that process,’ Jean-Pierre noted.
The IRA, signed into law by Biden in August, commits $300 billion toward deficit reduction, in addition to providing approximately $369 billion in funding for energy security, including tax credits for US-made electric vehicles and subsidies to US consumers, and $80 billion to increase Internal Revenue Service tax enforcement and operations.
Concerns are rising in Europe that the US tax credit plan could kick off a subsidy race between the transatlantic allies at a time when they want to show unity in the face of the Ukraine conflict.