No intention to return to Congress to amend inflation legislation

The Inflation Reduction Act: Addressing European Concerns

WASHINGTON (Reuters) – The White House confirmed on Friday that there are no immediate plans to seek changes to the Inflation Reduction Act through Congress. This statement follows President Joe Biden’s recent comments suggesting potential tweaks to the legislation to satisfy European leaders.

Implementation Process

White House Press Secretary Karine Jean-Pierre emphasized that there is an ongoing complex implementation process for the Inflation Reduction Act at federal agencies. She stated, “For any historic legislation like IRA, there is a complex implementation and process which is actively underway at federal agencies.”

Potential Tweaks

President Biden, during a press conference with French President Emmanuel Macron, acknowledged the possibility of making adjustments to the legislation. He mentioned, “There are tweaks that we can make that can fundamentally make it easier for European countries to participate and/or be on their own.”

European Concerns

European countries have expressed concerns that tax breaks provided in the $430 billion Inflation Reduction Act for North American companies could put them at a disadvantage. Karine Jean-Pierre assured that efforts are being made to address these concerns through substantive consultations with European counterparts.

(Reporting by Jeff Mason; Editing by Chizu Nomiyama)

Read More of this Story at – 2024-06-28 16:47:01

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