Republicans propose gutting Biden climate bill for Trump tax cuts

House Republicans Wednesday moved forward with a tax bill to cut billions of dollars in climate-related funding, reduce regulations, and prematurely phase out clean energy tax credits as part of President Trump's, "One, Big, Beautiful Bill." 

The heart of the Republican budget legislation targets key climate and energy provisions of the Inflation Reduction Act.

Cuts would impact businesses and consumers, affecting renewable energy, manufacturing, energy efficiency, and electric vehicles. Concurrently, House Republicans proposed streamlining permitting for fossil fuels, rescinding Clean Air Act pollution funding, and allocating $2 billion to the strategic petroleum reserve.