$27 Billion in Greenhouse Gas Reduction Fund To Be Invested Before Congress Reclaims Funds

U.S. President Biden is planning to invest the $27 billion in Greenhouse Gas Reduction Fund (GGRF) before the subsidy will be returned to Congress. The GGRF was established by the Inflation Reduction Act signed into law in 2022.

Biden on Greenhouse Gas Reduction Fund [Photo: MarketWatch]

According to Joselaw, the Democrats are aiming to fully spend the Greenhouse Gas Reduction Fund before the Republicans have the chance to take control of the Congress and reclaim the subsidy. Nonetheless, the Inflation Reduction Act mandates that the Greenhouse Gas Reduction Fund be fully disbursed by September 30, 2024. 

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Opposition to the Greenhouse Gas Reduction Fund

According to Demastri, Republicans have opposed to the Greenhouse Gas Reduction Fund in the past and questioned whether the investments for green projects would benefit American consumers.

Sean Kelly, a spokesman for the Republicans in the House Energy and Commerce Committee stated that the Greenhouse Gas Reduction Fund allocates a huge amount of resources without sufficient transparency or accountability. This suggests that the Greenhouse Gas Reduction Fund creates a slush fund that increases the risk of overspending and fraud.

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