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Obama budget rescinds energy industry tax breaks
President Barack Obama outlined a budget plan Thursday that would end $26 billion in oil and gas industry tax breaks, point to a new direction for dealing with nuclear waste and shift government aggressively toward helping to develop renewable energy sources.
Obama called the tax break to the oil and gas industry "unjustifiable loopholes" in the tax system that in most cases other companies do not get.
The proposed budget, details of which were released Thursday, calls for abandoning the decades-old Yucca Mountain nuclear waste project in Nevada and begin the search for another answer to disposing thousands of tons of used reactor fuel now kept at power plants in 31 states. It also would end government subsidies to the nuclear industry to help them certify and plan new nuclear power plants, cutting the program from $178 million to $20 million.