The US debt crisis has a solution, and Biden's green energy subsidies spark a battle to defend them.
With the US debt ceiling approaching, Treasury Secretary Janet Yellen revised her estimate for the debt ceiling from June 1st to June 5th, buying more time for negotiations between US President Joe Biden and House Speaker Kevin McCarthy. Biden announced a deal on Sunday (the 28th), but the details still need to be voted on by Congress. Republicans exploited the US debt crisis in April to demand significant cuts in green energy subsidies from the Inflation Reduction Act, citing the strong investment the bill had attracted, resulting in government subsidies exceeding expectations. According to a Reuters report on the 28th, Biden ultimately defended key provisions of the climate bill. Biden's climate law has exceeded expectations in both effectiveness and spending. The US passed the Inflation Reduction Act in August of last year, significantly subsidizing green energy investment, attracting more investment in US manufacturing than expected. In the eight months since the bill was signed, announced investments in new or expanded green energy projects have exceeded $150 billion. Qcells, the solar division of South Korea's Hanwha Group, has decided to invest $2.5 billion to establish a complete solar manufacturing supply chain in the United States. The European Union is also concerned about the bill's potential to attract investment and is considering green energy subsidy policies. According to a New York Times report in early May, Congress originally estimated in August last year that the bill's tax credits for climate and clean energy would reach $391 billion between 2022 and 2031. However, a recent recalculation found that