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Climate

House Cues Up Potential Thursday Passage of GOP Megabill

On a late-night House vote, Tesla’s slump, and carbon credits

House Cues Up Potential Thursday Passage of GOP Megabill
Heatmap Illustration/Getty Images

Current conditions: Tropical storm Chantal has a 40% chance of developing this weekend and may threaten Florida, Georgia, and the CarolinasFrench far-right leader Marine Le Pen is campaigning on a “grand plan for air conditioning” amid the ongoing record-breaking heatwave in EuropeGreat fireworks-watching weather is in store tomorrow for much of the East and West Coasts.

THE TOP FIVE

1. House cues up early morning passage of Trump’s ‘big, beautiful bill’

The House moved closer to a final vote on President Trump’s “big, beautiful bill” after passing a key procedural vote around 3 a.m. ET on Thursday morning. “We have the votes,” House Speaker Mike Johnson told reporters after the rule vote, adding, “We’re still going to meet” Trump’s self-imposed July 4 deadline to pass the megabill. A floor vote on the legislation is expected as soon as Thursday morning.

GOP leadership had worked through the evening to convince holdouts, with my colleagues Katie Brigham and Jael Holzman reporting last night that House Freedom Caucus member Ralph Norman of North Carolina said he planned to advance the legislation after receiving assurances that Trump would “deal” with the Inflation Reduction Act’s clean energy tax credits, particularly for wind and solar energy projects, which the Senate version phases out more slowly than House Republicans wanted. “It’s not entirely clear what the president could do to unilaterally ‘deal with’ tax credits already codified into law,” Brigham and Holzman write, although another Republican holdout, Representative Chip Roy of Texas, made similar allusions to reporters on Wednesday.

2. Tesla’s Q2 slump was the worst in company history

Tesla delivered just 384,122 cars in the second quarter of 2025, a 13.5% slump from the 444,000 delivered in the same quarter of 2024, marking the worst quarterly decline in the company’s history, Barron’s reports. The slump follows a similarly disappointing Q1, down 13% year-over-year, after the company’s sales had “flatlined for the first time in over a decade” in 2024, InsideEVs adds.

Despite the drop, Tesla stock rose 5% on Wednesday, with Wedbush analyst Dan Ives calling the Q2 results better than some had expected. “Fireworks came early for Tesla,” he wrote, although Barron’s notes that “estimates for the second quarter of 2025 started at about 500,000 vehicles. They started to drop precipitously after first-quarter deliveries fell 13% year over year, missing Wall Street estimates by some 40,000 vehicles.”

3. EU 2040 climate goal would allow carbon credit use for the first time

The European Commission proposed its 2040 climate target on Wednesday, which, for the first time, would allow some countries to use carbon credits to meet their emissions goals. EU Commissioner for Climate, Net Zero, and Clean Growth Wopke Hoekstra defended the decision during an appearance on Euronews on Wednesday, saying the plan — which allows developing nations to meet a limited portion of their emissions goals with the credits — was a chance to “build bridges” with countries in Africa and Latin America. “The planet doesn’t care about where we take emissions out of the air,” he separately told The Guardian. “You need to take action everywhere.” Green groups, which are critical of the use of carbon credits, slammed the proposal, which “if agreed [to] by member states and passed by the EU parliament … is then supposed to be translated into an international target,” The Guardian writes.

4. Nearly half of oil executives say they plan to drill fewer wells in 2025 than initially planned

Around half of oil executives say they expect to drill fewer wells in 2025 than they’d planned for at the start of the year, according to a Federal Reserve Bank of Dallas survey. Of the respondents at firms producing more than 10,000 barrels a day, 42% said they expected a “significant decrease in the number of wells drilled,” Bloomberg adds. The survey further indicates that Republican policy has been at odds with President Trump’s “drill, baby, drill” rhetoric, as tariffs have increased the cost of completing a new well by more than 4%. “It’s hard to imagine how much worse policies and D.C. rhetoric could have been for U.S. E&P companies,” one anonymous executive said in the report. “We were promised by the administration a better environment for producers, but were delivered a world that has benefited OPEC to the detriment of our domestic industry.”

5. Vehicle exhaust is fueling lung cancer-causing gene mutations: study

Fine-particulate air pollution is strongly associated with lung cancer-causing DNA mutations that are more traditionally linked to smoking tobacco, a new study by researchers at the University of California, San Diego, and the National Cancer Institute has found. The researchers looked at the genetic code of 871 non-smokers’ lung tumors in 28 regions across Europe, Africa, and Asia and found that higher levels of local air pollution correlated with more cancer-driving mutations in the respective tumors.

Surprisingly, the researchers did not find a similar genetic correlation among non-smokers exposed to secondhand smoke. George Thurston, a professor of medicine and population health at New York University, told Inside Climate News that a potential reason for this result is that fine-particulate air pollution — which is emitted by cars, industrial activities, and wildfires — is more widespread than exposure to secondhand smoke. “We are engulfed in fossil-fuel-burning pollution every single day of our lives, all day long, night and day,” he said, adding, “I feel like I’m in the Matrix, and I’m the only one that took the red pill. I know what’s going on, and everybody else is walking around thinking, ‘This stuff isn’t bad for your health.’” Today, non-smokers account for up to 25% of lung cancer cases globally, with the worst air quality pollution in the United States primarily concentrated in the Southwest.

  EPA

THE KICKER

National TV news networks aired a combined 4 hours and 20 minutes of coverage about the record-breaking late-June temperatures in the Midwest and East Coast — but only 4% of those segments mentioned the heat dome’s connection to climate change, a new report by Media Matters found.

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Sparks

Trump Will ‘Deal’ with Wind and Solar Tax Credits in Megabill, GOP Congressman Says

“We had enough assurance that the president was going to deal with them.”

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A member of the House Freedom Caucus said Wednesday that he voted to advance President Trump’s “big, beautiful bill” after receiving assurances that Trump would “deal” with the Inflation Reduction Act’s clean energy tax credits – raising the specter that Trump could try to go further than the megabill to stop usage of the credits.

Representative Ralph Norman, a Republican of North Carolina, said that while IRA tax credits were once a sticking point for him, after meeting with Trump “we had enough assurance that the president was going to deal with them in his own way,” he told Eric Garcia, the Washington bureau chief of The Independent. Norman specifically cited tax credits for wind and solar energy projects, which the Senate version would phase out more slowly than House Republicans had wanted.

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Current conditions: The northwestern U.S. faces “above average significant wildfire potential” for July • A month’s worth of rain fell over just 12 hours in China’s Hubei province, forcing evacuations • The top floor of the Eiffel Tower is closed today due to extreme heat.

THE TOP FIVE

1. House takes up GOP’s megabill

The Senate finally passed its version of Trump’s One Big Beautiful Bill Act Tuesday morning, sending the tax package back to the House in hopes of delivering it to Trump by the July 4 holiday. The excise tax on renewables that had been stuffed into the bill over the weekend was removed after Senator Lisa Murkowski of Alaska struck a deal with the Senate leadership designed to secure her vote. In her piece examining exactly what’s in the bill, Heatmap’s Emily Pontecorvo explains that even without the excise tax, the bill would “gum up the works for clean energy projects across the spectrum due to new phase-out schedules for tax credits and fast-approaching deadlines to meet complex foreign sourcing rules.” Debate on the legislation begins on the House floor today. House Speaker Mike Johnson has said he doesn’t like the legislation, and a handful of other Republicans have already signaled they won’t vote for it.

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