Yahoo Finance Report: White House telling Democrats climate spending could top $555 billion
The White House has told several congressional allies that the Democrats' spending bill will include between $500 billion and $555 billion for climate change programs, four people familiar with the matter told Politico Tuesday.
During a phone call with reporters, a senior Biden administration official did not share any details on the amount, only saying, "We continue to engage with Congress on this incredibly important topic and see the ball moving forward. We feel that the conversations have been accelerating in the right direction."
People with knowledge of the negotiations told Politico the bill will not include a proposed system of penalties intended to get power companies to increase renewable energy. To replace this program, which Sen. Joe Manchin (D-W.Va.) opposed, there will be grants, tax credits, and loans that will help steel, cement, and aluminum companies quickly decarbonize.
President Biden, who has pledged to cut U.S. greenhouse gas emissions 50 to 52 percent below 2005 levels this decade, will attend a global climate summit next week in Scotland. Sen. Ron Wyden (D-Ore.) told reporters the goal has "always been, send the president to Glasgow with a very strong position."
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