They will have to defend a bold proposal to take away some long-held federal tax breaks for fossil fuels and redirect the money toward “clean energy” programs. Orszag said the budget would “eliminate subsidies for fossil fuels” and invest $6 billion in clean energy projects. The proposal would cut tax preferences for oil, gas and coal companies, saving $40 billion dollars over the next decade, according to OMB.
With this budget, we will be spending more than $40 billion every four days.