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TUESDAY, OCTOBER 9, 2001

Sen. Jeff Bingaman (D-N.M.), chairman of the Energy and Natural Resources Committee and member of the Finance Committee, on Monday said that $33 billion in tax breaks benefiting the energy industry are likely to be scaled back by the Senate.

Due to the slowing economy and lowering forecasts of the federal surplus, Bingaman said the Finance committee would probably reduce the tax breaks to anywhere between $15 billion and $20 billion. The House in August had passed the much larger package.

Bingaman said he hoped Congress would pass a comprehensive energy plan by the end of the year.

Get the Story:
Bingaman Expects Fewer Energy Tax Breaks (The Albuquerque Journal 10/9)

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