by Stacy Morford -
Feb 1st, 2010
U.S. President Barack Obama proposed a federal budget today that would begin to tip the scales away from fossil fuels and toward greater government investment in clean energy.
It would eliminate several fossil fuel subsidies, a move expected to generate about $36 billion for the federal government over the next 10 years, and increase clean energy research and development spending by about $6 billion.
To sweeten the deal for Republicans and fossil fuel-state Democrats, the president piled on loan guarantees for nuclear power and reiterated his support for a nuclear revival, more off-shore drilling, and “clean coal” technology, which was heavily funded through the recovery act last year. In addition, the new budget offers only a passing reference to a future cap-and-trade program, describing it as carbon neutral rather than assuming it would generate revenue.
Whether Congress can carry through on the president's recommendations remains to be seen, however.
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