General Motors CEO Mary Barra, as well as several other prominent CEOs and labor leaders, will meet with President Biden today to discuss the possible economic impacts of the recent drug, climate, and tax bill.
According to a recent report from Reuters, Mary Barra will be joined by United Auto Workers president Ray Curry, AFL-CIO president Liz Shuler, Kaiser Permanente CEO Greg Adams, and officials from Ameren, Carrier, and Cummins. The meeting follows the July 27th introduction of the $430 billion drug, climate, and tax bill by West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer.
The bill seeks to curb the effects of anthropogenic climate change, reduce drug costs, and raise taxes on corporations. Last week, five former U.S. Treasury secretaries, including four Democrats and one Republican, announced their support for the bill, saying that it would reduce costs for middle-class families and would not increase taxes for those making less than $400,000 annually.
Although the bill is a fraction the size of the original multi-trillion dollar proposal, it does not have Republican support. As such, Democrats will seek to pass the bill with a simply majority and reconciliation.
Late last month, Senators Schumer and Manchin reached a deal on a legislative package containing around $369 billion in climate and energy spending that includes additional financial support for customers who purchase an electric vehicle equipped with batteries that contain a certain percentage of material from U.S. free trade partners. The proposal includes $7,500 purchase incentive for qualified EVs, removal of the 200,000 vehicle manufacturer credit cap, and a $4,000 incentive for used EVs.
More recently, however, a lobby of domestic and foreign automakers have challenged the new EV tax credit plan on the grounds that it is too restrictive, with EVs that include battery materials sourced from Chinese suppliers excluded from receiving the purchase incentives after 2023.