President Joe Biden is racing to spend money to green the economy, outcompete China and fix crumbling roadways in hopes voters reward him in November.
in climate and infrastructure money can transform America, create green jobs, outcompete China — and maybe catapult him to a second term.At least one-third of that $1.6 trillion will be tax breaks for things like clean energy manufacturing, electric vehicles and home energy updates.
The government has awarded less than $700 million of the $54 billion that Congress had made available in the CHIPS and Science Act, a law aimed at boosting competition with China, though the Commerce Department has announced $29 billion in tentative awards to semiconductor manufacturers in recent months. Awarding money means the federal government has committed to pay out an agreed-upon sum. A tentative award is still under negotiation.
Now time is running short for these efforts to show results before voters decide whether to bring back Trump, who has denounced the climate and infrastructure laws, mocked wind power and electric cars and inaccurately described the IRA as the “that says otherwise. This raises the prospect that he could attempt to pare Biden-era funding even if it’s at an advanced stage of distribution.
The legal deadlines for spending this money vary, and not all of it is legally available to spend in any one year. Many agencies have as much as five years to expend the funds from the infrastructure law, for example. About $300 billion of the infrastructure money can only be spent after this year.
The statement did not address how Trump would treat the hundreds of billions of dollars in funding for other parts of Biden’s agenda.In an interview with POLITICO, Podesta said the Biden administration is acting “with deliberation, with haste” — and that Americans know positive changes are happening on the president’s watch.
, where she rattled off “billions and billions of dollars” in grant and loan decisions her department had announced in recent weeks.Biden’s four signature laws provided $1.1 trillion in direct federal spending, largely for climate and infrastructure — a potentially transformative amount of money if allowed to reach fruition.
In most cases, the federal government awards money weeks or months after it announces the funding, said a White House official, who was granted anonymity to discuss internal processes. The actual spending can come much later.
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