Vision 2010: President Obama’s Budget, Clean Energy and the Environment
President Obama has in two short months set the nation in a new direction when it comes to transitioning to a clean energy economy, stopping global warming and protecting the environment. The president’s proposed federal budget makes clean energy and environmental protection cornerstones of his Fiscal Year 2010 (FY2010) budget, by doing the following:
- Includes an estimated $646 billion in revenues over 10 years from reducing global warming emissions and requiring polluters to pay for allowances to pollute;
- Invests $150 billion from global warming revenues in clean energy industries such as wind, solar and geothermal power sources and supports efforts to increase energy efficiency. These renewable, home-grown energy sources can provide energy now and for generations to come and will create millions of green jobs;
- Includes $17.2 billion in revenues from the polluter pays fee, which requires private industry to pay for the clean up of Superfund toxic waste sites;
- Invests $3.9 billion to clean up America’s lakes, rivers and other fresh water sources. $2.4 billion of this is dedicated to the Clean Water State Revolving Fund – an Environmental Protection Agency program that disburses money to the states for repairs and improvements to sewage infrastructure; and
- Ends taxpayer subsidies to Big Oil, resulting in $30 billion of benefits to taxpayers over 10 years.
This report details specific environmental and economic benefits from these proposals for Michigan, which if approved lay the groundwork for curbing global warming pollution and protecting the environment. This report visually displays examples of these benefits with a comprehensive state map. Unfortunately, the proposed budget and subsequent policies to implement these proposals face major roadblocks from Big Oil and other special interests who are dedicated to defending the status quo. As this report shows, the environmental and economic benefits of this budget and the policies it assumes will benefit every state.