The U.S. Senate’s Budget Committee released its version of the “One Big Beautiful Bill Act” on June 28th, with text building upon the U.S. House of Representatives-passed version to add an excise tax to new wind and solar energy facilities, on top of other policies that increase oil and gas leasing, cut fossil fuel royalty rates, repeal clean energy tax credits, and delay funding for agricultural and forestry conservation. The bill will harm America by cutting new electricity capacity additions, increasing consumer power prices, and reducing U.S. GDP and job growth:
- Power generation capacity will fall 300 gigawatts by 2035, raising costs to meet growing demand and damaging industrial competitiveness
- Wholesale electricity prices will increase 19 percent by 2030 and 61 percent by 2035; wholesale electricity costs will balloon 56 percent and electricity rates paid by consumers will increase between 9-16 percent by 2035
- Household energy costs will increase $160 annually by 2030
- America loses $960 billion in cumulative GDP through the budget reconciliation window
- Workers suffer 770,000 lost jobs by 2030; job losses total 650,000 in 2035
