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Obama Budget Would Cut $40 Billion in Fossil-Fuel Credits

February 15, 2012
“We need to reduce our dependence on foreign oil by ending the subsidies for oil companies and doubling down on clean energy that generates jobs and strengthens our security,”
- President Obama

President Barack Obama, who pledged an “all of the above” energy strategy that included fossil fuels, renewed his proposal to cut more than $40 billion in tax breaks for oil, gas and coal producers in the next decade to spend more for conservation and alternate energy.

The budget, which boosts spending to add jobs in the short term while reducing the deficit over a decade, will trigger election-year sparring. The proposal borrows heavily from a package of tax increases and spending cuts Obama offered in September. Spending for energy efficiency and alternate energy would rise 25 percent.

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