President Biden’s 2024 budget proposal includes eliminating oil and gas subsidies, raising taxes on the wealthy, and investing in clean energy. House Republicans have already come out against the proposal. Ending fossil fuel subsidies could generate $31 billion in savings for American taxpayers. The White House’s budget also includes a politically ambitious $24 billion to build communities’ resilience to disasters like flood, hurricanes, and fires — the number of billion-dollar disasters hitting the U.S. has increased sharply in recent years.
The 2024 proposal also includes funding for federal agencies, electrification, remediating orphaned oil and gas wells, and clean energy innovation. Despite the plan’s intent to reduce the deficit by $2 trillion, an onslaught of Republican reactions to the proposal decry it for increasing spending, as the party claims to focus on austerity measures. While the plan is doomed to fail in the GOP-controlled House, it acts as a political statement for the White House’s priorities ahead of a 2024 campaign. (E&E News, CNBC, Reuters, OilPrice, Washington Post, New York Times, E&E $)