Total repeal is unlikely, but the majority is considering significant changes.
Speaker of the House Mike Johnson said that his party will not revoke the entire Inflation Reduction Act (IRA), but is considering the elimination of large portions of the 2022 law.
“It’ll be somewhere between a scalpel and a sledgehammer. We’ll see,” Speaker Johnson stated.
Speaker Johnson said in September 2024 that he wanted to modify the IRA using “a scalpel and not a sledgehammer, because there’s a few provisions in there that have helped overall.”
The IRA was passed by Congress while the now-minority party was in power. The law offered billions in tax credits for low-carbon energy sources and increased the budgets of federal agencies, such as the Internal Revenue Service. While many still oppose the tax credits, a group of 18 members of his part wrote a letter to Speaker Johnson last year requesting that he keep the IRA tax credits benefiting their communities.
As the Lord Leads, Pray with Us…
- For Speaker Johnson to be led by the Lord as he presides over the House of Representatives.
- For wisdom for the majority party members as they seek to reverse portions of the Inflation Reduction Act.
Sources: The Hill, MSN
