In his 2015 budget, President Obama finally moves away from the "We’re broke, we can’t afford it" consciousness that has resulted in a stagnant economy.
While Congress certainly won’t pass his budget, it shows where his priorities are. Noting that since he’s become president, the US has cut the deficit by half, he allocates about $1 trillion from the $3.9 trillion budget to revive deeply cut discretionary spending. It cuts about $1 trillion from the deficit over 10 years.
This budget "puts shared prosperity ahead of crippling austerity by raising the minimum wage, investing in public infrastructure projects, closing tax loopholes that benefit millionaires and billionaires, and investing in federal programs that will create jobs and expand opportunity." says David Cox, President of American Federation of Government Employees.
Highlights for Energy & Climate
- Tax Credits: as in previous budgets, renewable energy tax credits are made permanent ($19.2 billion over 10 years), and over that time includes credits for alternative fuel trucks ($400 million) and cellulosic biofuels ($1.7 billion).
"To provide a strong, consistent incentive that encourages investments in renewable energy, creates American jobs, and supports American companies and manufacturers, the Budget would make permanent the tax credit for the production of renewable electricity and reform it by making it refundable."
- Eliminates Tax Breaks for Fossil Fuels: as in previous budgets, it ends $4 billion in breaks from oil and gas and $3.9 billion for coal.
- Boost for Department of Energy: funding raised 2.6% to $27.9 billion, with Office of Energy Efficiency and Renewable Energy (EERE) getting the biggest raise at 22% ($2.3 billion). ARPA-E gets a 16% raise to $325 million and of course, there’s also $1.3 billion for fossil fuels and nukes.
- Advanced Manufacturing: 69% more for a total $305 million to create 45 National Network for Manufacturing Innovation hubs over the next decade.
- Climate Resiliency: $1 billion to develop technology and infrastructure to prepare for climate change; $2 billion for advanced weather satellites for NOAA; a 4.7% raise for the US Forest Service to fight wildfires ($2.3 billion)
- Infrastructure: $302 billion to repair existing water and transportation infrastructure over four years and to invest in mass transit.
In the Department of Agriculture’s budget is $345 million plus $5 billion in loans to help rural utilities and coops add renewable energy. Funding for
the Environmental Protection Agency is cut by 3.8% to $7.9 billion.
Unfortunately for renewable energy advocates, the budget request also includes more than a combined $1.3 billion for the research, development and storage of fossil fuels and nuclear energy.
Overall, the blueprint prioritizes spending on pre-school education and job training, expanded tax credits for 13.5 million low-income workers without children and more than $1 trillion in higher taxes over the next decade, mostly for the wealthiest Americans and corporations, reports the Portland Press Herald.
Here’s an agency-by-agency breakdown and a summary of funding levels for renewable energy, buildings, climate and transportation:
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