Research | The Leader Board | THE NEWSROOM | Republican LeaderSkip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELL×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUFacebookTwitterInstagramFacebookTwitterInstagramVisit Senator McConnell's site here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUHomeTHE NEWSROOMThe Leader Board07.26.23One Year Later, Democrats’ Reckless Spending Spree Is Showering Cash On Foreign CompaniesOne Year Ago, Democrats Jammed Through Their Reckless Taxing And Spending Spree, Laughably Named It The ‘Inflation Reduction Act,’ And ‘Unleashed A Torrent Of Government Subsidies’ But Predictably ‘The Biggest Beneficiaries So Far Are Foreign Companies’ Republicans Knew Democrats’ Green Slush Funds Wouldn’t Go Primarily To American CompaniesSENATE REPUBLICAN LEADER MITCH McCONNELL (R-KY), 2022: “Our electric grid is overburdened already, but Democrats apparently want to strain it even more by eliminating the most reliable sources of energy we have. All the while spending hundreds billions on schemes that depend on Chinese minerals, components and supply chains.” (Sen. McConnell, Remarks, 7/14/2022)LEADER McCONNELL: This reckless taxing and spending spree is a clear catalog of Washington Democrats’ top priorities…. They want to stick a shaky economy with historic tax hikes, in order to set up a colossal Green New Deal slush fund…. And all of it is just unbelievably expensive liberal performance art because experts say none of this ‘retail therapy’ for rich liberals and bureaucrats will make a dent at all in the future trajectory of global temperatures--No meaningful impact on the world's climate. None. That is why none of our Democratic colleagues can talk about actual results. Have you noticed that? They only have one talking point: that this is the biggest climate investment ever. That is just a way of admitting that the only historic thing is the gigantic price tag. Democrats still define success by how much of your money they get to take from you in taxes and waste in spending.” (Sen. McConnell, Congressional Record, S.4151-4152, 8/06/2022)SEN. JOHN CORNYN (R-TX), 2022: “A lot of the American car manufacturers said we may not be able to access these tax credits because 70 percent of the components that go into electric vehicles are made in other countries, like China. That is how slapdash this bill was put together.” (Sen. Cornyn, Congressional Record, S.4058, 8/06/2022) ‘The Biggest Beneficiaries [Of Democrats’ Spending Spree From One Year Ago] So Far Are Foreign Companies’ “The 2022 climate law unleashed a torrent of government subsidies to help the U.S. build clean-energy industries. The biggest beneficiaries so far are foreign companies.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023)“The Inflation Reduction Act has spurred nearly $110 billion in U.S. clean-energy projects since it passed almost a year ago, a Wall Street Journal analysis shows. Companies based overseas, largely from South Korea, Japan and China, are involved in projects accounting for more than 60% of that spending. Fifteen of the 20 largest such investments, nearly all in battery factories, involve foreign businesses, the Journal’s analysis shows.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023)“These overseas manufacturers will be able to claim billions of dollars in tax credits, making them among the biggest winners from the climate law. The credits are often tied to production volume, rewarding the largest investors.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023)“The climate law is designed to build up domestic supply chains for green-energy industries, but the reality is that the technology for building batteries and renewable-energy equipment resides overseas.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023)According To A Wall Street Journal Analysis, $8 Billion Of The ‘Investments’ ‘Involve Companies Either Based In China Or With Substantial Ties To China’“[S]ome investments from Chinese companies have fueled a backlash as tensions between the two countries escalate. At least 10 of the projects representing nearly $8 billion in investments included in the Journal’s analysis involve companies either based in China or with substantial ties to China through their core operations or large investors. Some projects are facing resistance, including two in Michigan: a $3.5 billion battery factory that Ford Motor is building with technology and expertise from China’s CATL; and a $2.4 billion battery-component factory from China-based Gotion. Ford is keeping 100% ownership of the battery factory—in part to sidestep the issue of public funds flowing to CATL, according to a person with knowledge of the deal. Ford is licensing the battery-making know-how and services from CATL, the companies said.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023)“The issue is expected to come to a head when the Treasury Department completes rules for electric-car tax credits. The department has proposed that cars using battery materials that were produced by a ‘foreign entity of concern’ such as a Chinese company wouldn’t qualify for tax credits beginning in 2025. Many expect Treasury to use a loose standard so that some cars [using battery materials produced by a Chinese company] qualify, potentially fueling criticism from some politicians who crafted the climate law such as Sen. Joe Manchin (D., W.Va.), who has argued more lenient criteria go against the intent of the Inflation Reduction Act.” (“The Biggest Winners In America’s Climate Law: Foreign Companies,” The Wall Street Journal, 7/20/2023) Democrats Boasted That Their Spending Spree Would Spend All That Taxpayer Money ‘Here In [The] United States Of America With American Workers, With American Companies, With American-Made Products’PRESIDENT BIDEN: “I signed the Inflation Reduction Act into law … [W]e are going to take the most aggressive action ever, ever, ever to confront the climate crisis … And we’re going to build a future — the future — here in United States of America with American workers, with American companies, with American-made products.” (President Biden, Remarks, Washington, DC, 9/13/2022)PRESIDENT BIDEN: “I signed into law the Inflation Reduction Act. It gives tax credits to new electric vehicles — fuel cell vehicles made in America.” (President Biden, Remarks, Detroit, MI, 9/14/2022)PRESIDENT BIDEN: “We’re going to invest in America again. We’re going to make it in America again. And the federal government is going to buy American. That’s been my economic vision.” (President Biden, Remarks, 3/10/2023)SENATE MAJORITY LEADER CHUCK SCHUMER (D-NY): “And had we not taken action to encourage these investments, it’s likely many of these jobs would end up going overseas – to Asia, to Europe. America would have lost out. Instead, we have a real chance to lead the way again. This is the result of Democrats leading the way here in Congress.” (Sen. Schumer, Floor Remarks, 9/14/2022)SEN. JOE MANCHIN (D-WV): “… I did it to help America. And I think this is a great American bill.” (Sen. Manchin, Remarks, 8/16/2022)MANCHIN: “We wrote the bill. And we did that because we had the expertise and the ability to do it. And I’m the chairman of the Energy Committee.” (Sen. Manchin, Interview on Fox Business, 1/22/2023)SEN. JON TESTER (D-MT): “The Inflation Reduction Act puts American-made oil, gas, and renewable energy in the pipeline. It's good for Montana's energy jobs, good for Montana's future, and good for Montanans' power bills.” (Sen. Tester, @SenatorTester, Twitter, 9/12/2022)TESTER: “The implementation on the Inflation Reduction Act isn’t gonna be that difficult… I look forward to seeing the benefits of that bill. I think it’s a very good bill that’s gonna do some real positive thing for Montanans and the country.” (“Senator Tester Talks About The Inflation Reduction Act,” KRTV News, 8/20/2022)SEN. SHERROD BROWN (D-OH): “This is an historic step to fight inflation, lower costs, and create jobs that corporations can’t ship overseas.” (Sen. Brown, Press Release, 8/16/2022)SEN. BOB CASEY (D-PA): “When we passed the Inflation Reduction Act, I fought to make sure we finally help American workers get ahead … When we prioritize American workers and American products, we not only bolster our economy and supply chains, we outcompete countries like China.” (Sen. Casey, Press Release, 5/12/2023)CASEY: “Through the clean energy tax credits in the Inflation Reduction Act, our Nation has the ability to build a cleaner, safer future for generations to come while re-energizing American manufacturing.” (Sen. Baldwin, Press Release, 6/01/2023)SEN. TAMMY BALDWIN (D-WI): “The Inflation Reduction Act will invest in the production of Made in America clean energy that will create jobs…” (Sen. Baldwin, Press Release, 8/26/2022)BALDWIN: “[T]he Inflation Reduction Act boosted our Made in America manufacturing economy and took steps to address climate change …” (Sen. Baldwin, Press Release, 6/01/2023)SEN. JACKY ROSEN (D-NV): “Love to see Nevada continue to lead the way in clean energy jobs! Thanks to the Inflation Reduction Act I voted for, these good-paying jobs will continue coming to Nevada.” (Sen. Rosen, @SenJackyRosen, Twitter, 4/21/2023) ### SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Green New Deal, Democrats' Reckless Taxing And Spending Spree, Senate DemocratsPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
