last decade, billions of dollars were invested in upgrading refineries in texas louisiana and those were on the gulf coast to process heavy crude oil now we have a surplus of light crude. so it s created problems. i think the concern of surplus of light crude, because they are typically the shale, those wells are very short-lived, but they re much cheaper to drill in the army are once. so there s some issues with our be going to have to reinvest for those refiners another $2.5 billion to handle the lighter crude? there are upgrading and new construction projects underway right now to allow the refiners to handle that. a lot of those are taking place in your district. as eia looked at the issues? in the past we typically choose whatever we refined in the country, but now we are producing so much more that it s actually, we re having those downstream jobs better exports. back in houston were exporting just times in the last few years of low sulfur diesel. because of the h
Even as the recent debt-ceiling and quasi-shutdown agreement was on its way to the White House, congressional liberals already were renewing their quest for higher taxes. “I am hopeful we can now work together in a budget conference toward a balanced and bipartisan deal,” said Senate Budget Committee Chairman Patty Murray, Washington Democrat, in formally requesting negotiations with the House.
The collapse of congressional budgeting in recent years has occurred just as the government’s fiscal outlook is approaching critical. If left unchecked, current trends will lead to unprecedented levels of federal spending as a share of U.S. economic output, far beyond taxpayers’ historical tolerance and perhaps greater than the economy can sustain. The resulting debt would seriously hamper the nation’s potential for long-term growth. These trends can be corrected only with a regular, stable, and sustained practice of budgeting.
(Archived document, may contain errors) 1014 January 16,1995 A BUDGET STRATEGY TO REINVENT THE FEDERAL GOVERNMENT INTRODUCTION President Bill Clinton soon will submit his fiscal 1996 budget to a Congress commit ted to changing Washingtons spending and taxing priorities. In apparent response to the election results, and to the House Republicans Contract With America, Clinton last month announced a plan for a mode st $60 billion tax cut to be financed by reforms in five agencies such as the Departments of Energy, Housing and Urban Development, and Transportation.