With the nation stuck at its $31.38 trillion debt limit and the Department of the Treasury imposing “extraordinary measures” to keep the government running, one GOP lawmaker is floating a new proposal to default federal spending to current levels to avert recurring standoffs over raising the debt ceiling.
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President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.
The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment.
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President Joe Biden suggested that Americans may be negatively impacted at the pump as a result of a sanctions package targeting Russia he unveiled Tuesday.
“As we respond, my administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump,” the president remarked at the White House on Tuesday. “As I said last week, defending freedom will have costs for us as well and here at home. We need to be honest about that.”
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