"Scott Bessent has called the Inflation Reduction Act a “doomsday machine for the budget."

"President-elect Donald Trump’s pick to head the Treasury Department puts the fate of Biden-era clean energy tax credits up in the air.

Hedge fund manager Scott Bessent — whom Trump tapped for the position Friday — has called the Inflation Reduction Act a “doomsday machine for the budget.” That aligns him with Trump, who has pledged to rescind unspent money from a law he calls the “greatest scam in history.”

As Treasury secretary, Bessent would be able to rewrite or reverse some of the law’s valuable tax provisions, which were designed to boost renewable energy and other emerging technologies like hydrogen, carbon capture and electric vehicles."

Jason Plautz reports for E&E News November 25, 2024. [2]