CBO Energy Bill Estimates Multi-Billion Dollar Budget Hit

The Oil & Gas Journal reports that the Congressional Budget Office, in a letter dated 27 July (before either the House or Senate voted on HR 6, The Energy Bill), estimated that the bill will increase direct federal spending by $2.2 billion from fiscal 2006 through 2010 and will reduce federal tax revenue by $7.9 billion from fiscal 2005 through 2010. Despite the fiscal impact, both Houses of Congress passed the measure, which news reports suggest is "pork-heavy." Given that it is 1700+ pages and votes were taken almost immediately after the conference report was released, it's unlikely that Congressmen actually read the bill that they voted for.

Tags: Energy Bill, Oil, Politics