Analysts: Biden’s inflation and climate bill to add to deficit

A new analysis shows President Biden’s inflation and climate bill won’t cut the deficit as expected. The president and most Democrats touted last summer’s Inflation Reduction Act as necessary to reduce the nation’s budget deficit. But the University of Pennsylvania’s Wharton Business School has scrutinized the law and says the opposite will happen. The analysis concludes that instead of reducing the debt, it will add to it. The Biden administration doesn’t completely accept that scenario, but a White House official acknowledged that reductions to the deficit could take longer than estimated.