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A self-proclaimed source of mediation and unbiased ratings of millions of businesses across the country, the BBB receives the majority of its revenue from membership fees paid by hundreds of thousands of companies.

While the SFC Bill had proposed significant phase-outs of the clean electricity tax credits (IRC §§ 45Y and 48E) for wind and solar projects that start construction in 2026 and later years, the Senate Bill instead eliminates the ability to claim such credits for wind and solar projects that start construction after the date of enactment of the BBB and that are placed in service after December 31, 2027.

Indeed, it thinks these measures will “only” add 0.08 percentage points to core inflation next year, and reduce real GDP by a mere 0.1 per cent—and the latter will be offset by the BBB's fiscal boost.

Such opposition to BBB completely mixes up the short-term and the long-term, and utterly confuses deficit spending to fight Covid-19 with fully paid-for spending to fund long-term reforms.