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Senate Republicans introduced a sweeping domestic spending bill backed by Trump, according to CNBC. The bill would phase out key clean energy tax credits after 2027 and impose new taxes on wind and solar projects sourcing parts from China. Industry groups say the move could eliminate $450 billion in clean energy investments, jeopardize up to 2 million construction jobs, and lead to higher electricity prices. Shares of major renewable energy companies declined following news of the Senate bill. Tesla CEO Elon Musk criticized the Senate bill, calling it destructive, and warned that it would eliminate millions of jobs and harm future-focused industries while favoring outdated ones.

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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Senate Republicans introduced a sweeping domestic spending bill backed by President Trump,
00:06according to CNBC. Bill would phase out key clean energy tax credits after 2027
00:11and impose new taxes on wind and solar projects sourcing parts from China.
00:15Industry groups say the move could eliminate $450 billion in clean energy investments,
00:20jeopardize up to 2 million construction jobs, and increase electricity prices.
00:24Shares of major renewable energy companies declined following news of the Senate bill.
00:28Tesla CEO Elon Musk criticized the Senate bill, calling it destructive,
00:32and warned that it would eliminate millions of jobs and harm future-focused industries
00:36while favoring outdated ones.
00:38For all things money, visit Benzinga.com.

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