As Congress returns to Washington, D.C. this week, all eyes are focused on the “super committee” charged with developing a plan to trim $1.5 trillion from the federal budget by late November.
Rep. Doc Hastings (R-Wash.), chairman of the House Natural Resources Committee, reminds his colleagues in a forcefully worded op-ed today that there are two sides to the equation: cutting expenditures and increasing revenue. He suggests that increasing oil drilling on federal lands would increase revenue to the federal treasury.
“Reducing our debt will require creative thinking and new approaches that include both spending cuts and raising new revenue,” Hastings wrote. However, new revenue should not come from punitive tax increases that would destroy jobs. Unlocking our country’s energy resources and expanding energy production in new areas can generate billions in government revenue, strengthen the economy, create new jobs and make America more secure.”
“I strongly urge the Joint Committee to consider ways to increase both onshore and offshore energy production as a way to pay down the debt, put Americans back to work and jump start our economy,” he concluded.
The super committee has scheduled its first meeting for Thursday, September 7.
Last 5 posts by David Curtiss
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