US Inflation Reduction Act clean energy tax credits expected to increase budget deficits by $428 bln through 2033

The US Congressional Budget Office (CBO) projected more than half of the $428 billion increase to federal budget deficits over the next 10 years would be as a result of clean vehicle tax credits, with the remainder largely driven by other energy-related tax provisions, both stemming from the 2022 Inflation Reduction Act (IRA).