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House Majority Whip confident biofuel tax credits will be restored during debt ceiling negotiations

A U.S. Congressman is confident biofuel tax credits will be restored during debt ceiling negotiations.

House Speaker Kevin McCarthy has proposed raising the debt ceiling for a year in exchange for spending reforms that include cutting credits for sustainable aviation fuels and clean fuels production.

Minnesota Republican Tom Emmer tells Brownfield a repeal of all tax credits in the Inflation Reduction Act is cause for concern.

“We’re well aware of that. I’ve told our members this may likely be the bill that they have to vote on. If it is, we’ll clean it up after the bill because we have to put America first. We’ll get the bill passed, and then we can clean up this issue with the tax credits. And when I say ‘clean it up,’ we’ll make sure (the cuts) are out of there.”

Emmer, the House Majority Whip, says national debt will have to be addressed one way or another.

“If we don’t take care of the spending issues that we have right now, people may not realize this but the (Congressional Budget Office) will tell you our debt service in the United States of America will be at least $10 trillion in just the next ten years.”

And he says the interest paid on that debt would force the government to borrow up to $300 billion just to stay afloat.