(Crossposted at Red Green and Blue)
President Obama is making good on his threat to sunset subsidies for big oil. In the 2011 budget he’s proposing to wipe out tax breaks and incentives to the tune of $36.5 billion dollars.
But before you get too excited – that’s over ten years. So it’s really just $3.65 billion per year, less than earlier estimates of $4 to $5 billion in cuts.
And any proposals will have to go through the House of Representatives – which has twice rejected similar efforts… when it was controlled by Democrats. Does it have any chance of passing now? That remains to be seen.