Biden commits $7.3 billion towards clean energy as national debt reaches $35 trillion.

During a visit to Wisconsin on Thursday, President Biden will commit $7.3 billion for "clean energy" initiatives, despite the national debt exceeding $35 trillion.

On Thursday in Westby, Wisconsin, Biden and USDA Secretary Tom Vilsack will reveal over $7.3 billion in funding for rural electric cooperatives to construct clean energy for rural communities nationwide through the New ERA program. The administration emphasized that the New ERA and other rural clean energy investments in the president's Inflation Reduction Act represent the largest rural electrification investment since President Franklin Delano Roosevelt signed the Rural Electrification Act into law in 1936 as part of the New Deal.

The 16 selections, funded by Biden's Investing in America agenda, will utilize private investments of over $29 billion to construct more than 10 gigawatts of clean energy for rural communities across the country, and will eliminate or prevent at least 43.7 million tons of greenhouse gases annually, equivalent to removing more than 10 million cars from the road each year, according to the administration.

The announcement, which will have a significant impact in 23 states, promises to bring clean energy and lower costs to approximately 5 million rural households, representing 20% of the nation's entire rural household, as well as farms and businesses located in those states, according to Vilsack.

Despite the U.S. Treasury Department's recent announcement that the national debt has surpassed $35 trillion, the White House fact sheet portrays the rollout as part of the president's "Investing in America agenda" aimed at enhancing the lives of Americans and laying the foundation for a brighter future.

On Wednesday, White House Deputy Chief of Staff Natalie Quillian informed reporters that manufacturing is regaining strength in various communities nationwide, emphasizing President Biden's Investing in America plan, which comprises the American Rescue Plan, the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act.

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"The deputy chief of staff stated that in 2021, the need for good-paying jobs and opportunities in rural America and addressing the climate crisis were discussed. Tomorrow, he will announce $7.3 billion from his Inflation Reduction Act for clean, affordable, reliable electricity. This is the largest investment in rural electrification since the FDR administration and will spur economic development and lower costs for millions of Americans. Additionally, it will create 4,500 permanent jobs and 16,000 construction jobs."

Nearly $573 million in New ERA funds is being awarded to Dairyland Power Cooperative in Wisconsin, which will use the money for a total project investment of $2.1 billion.

Dairyland plans to purchase 1,080 megawatts of renewable energy through eight power purchase agreements and four solar and wind installations in rural areas of Wisconsin, Iowa, Minnesota, and Illinois, according to the White House. As a result of New ERA funding, Dairyland estimates that their members' electric rates will be 42% lower over 10 years compared to what they would have been without this funding.

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The 16 cooperatives will benefit rural communities in various states, including Alaska, Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Montana, Nebraska, New Jersey, New Mexico, Nevada, North Dakota, Ohio, Pennsylvania, South Dakota, Texas, Wisconsin, and Wyoming.

The secretary announced that Dairyland Cooperative will contribute to the project and fund community benefit plans. The total cost of the project is estimated to be around $2 billion. The benefit plans are intended to support farmers and provide them with access to clean energy, as well as employment opportunities.