Republican News

Republican News

Generates Over $1 Billion in Revenues Over First 10 Years to Reduce Federal Deficit

U.S. Sen. Lisa Murkowski, R-Alaska, today released reconciliation legislation pursuant to the Senate Energy and Natural Resources Committee’s instruction to raise $1 billion in federal revenues in H. Con. Res. 71, the Concurrent Resolution on the Budget for Fiscal Year 2018.

“Our instruction is a tremendous opportunity both for our committee and our country,” Murkowski said. “The legislation I released tonight will put Alaska and the entire nation on a path toward greater prosperity by creating jobs, keeping energy affordable for families and businesses, generating new wealth, and strengthening our security—while reducing the federal deficit not just by $1 billion over ten years, but tens or even hundreds of billions of dollars over the decades to come.”

The reconciliation legislation would authorize limited and responsible energy development in a small part of the non-wilderness portion of the Arctic National Wildlife Refuge in Alaska, known as the “1002 Area” or Coastal Plain. 

The Congressional Budget Office estimates the legislation will raise $1.092 billion over the 10-year budget window. Between royalties and federal income taxes, it will raise substantially greater revenues once production from the 1002 Area begins. 

View the text of the Chairman’s Mark here.

View a summary of the Chairman’s Mark here.

View the map referenced in the Chairman’s Mark here.   

Murkowski is chairman of the Senate Committee on Energy and Natural Resources. The committee will hold a markup on the legislation a full week from today, on the morning of Wednesday, November 15.