Republican News

Republican News

WASHINGTON – U.S. Senator Pete Domenici today announced that the Senate and House have approved a federal budget for FY2006 that will allow the Senate to proceed with drafting a much-needed energy policy bill and advances most of President Bush’s budgetary initiatives and addresses congressional concerns.

Among the highlights of the budget agreement is a $11 billion tax package for energy-related incentives to be incorporated into national energy policy legislation that should help spur development of domestic energy resources, including wind, solar, biomass and nuclear. Overall, the budget provides a $2 billion reserve fund for non-tax policy provisions an energy bill.

“We must understand that we have a serious deficit problem which needs to be addressed.  Viewed in that context, this budget does a good job identifying top priorities while laying a foundation for reducing spending.  I’m particularly pleased that the budget gives us room to put together a solid energy policy bill, with the incentives we need to begin maximizing conservation and production,” Domenici said.

The budget includes $2 billion in spending for the policy portion of the energy bill, and makes room for $11 billion for tax incentives to develop and enhance energy sources such as wind, solar, biomass, geothermal, and others.  The inclusion of these funds lays the groundwork for Domenici to proceed with crafting a bipartisan national energy policy bill this spring.