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US solar stocks plummeted after Democratic Senator Joe Manchin rejected the Biden administration's Build Back Better Act.
Sunrun, the country's largest residential solar installer, fell as much as 12% before recovering some of its losses. First Solar and SolarEdge each dropped more than 8%.
The bill includes tax credits for various renewable energy resources, as well as tax credits for power plants that use carbon-capture technologies, energy storage and other clean-energy projects. The bill would have included more than 500 billion dollars for climate-related initiatives.
Manchin said in a "Fox News Sunday" interview that he couldn't vote for it if he couldn't explain it to the people of West Virginia. I can't get there, I've tried everything. This is a no.
White House press secretary Jen Psaki called Manchin's announcement a sudden and inexplicable reversal of position.
The centerpiece of President Biden's economic agenda was effectively destroyed by his decision. All 50 Democrats on the side that voted for the bill had to back it.
Business Insider has an original article.
