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Congress breaks stalemate, passes energy bill
Broad bill will send billions of dollars in tax breaks to energy companies
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House passes major energy bill July 28: The energy bill passed Thursday by the House could affect everyone living in the U.S., and the nation's land itself, as NBC's Chip Reid reports from Capitol Hill. Nightly News |
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Highlights of the national energy plan — Total cost to the government after revenue offsets: $12.3 billion over 10 years — Tax breaks of $14.5 billion over 10 years for energy companies, renewable energy sources and promotion of efficiency. — Extension of daylight-saving time by a month, beginning in 2007. — New efficiency standards for commercial appliances, from air conditioners to refrigerators. — $1 billion for coastal environmental management in states where there is offshore oil production. — A $1.8 billion program to promote clean coal research and development. |
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 Sen. Graham speaks out against health bill Dec. 22: U.S. Sen. Lindsey Graham (R-S.C.), who strongly opposes the health care overhaul bill, talks with TODAY’s Ann Curry about why every Republican senator is against the legislation. |
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WASHINGTON - After years of stalemate, Congress on Friday sent President Bush a national energy plan touted by supporters as providing a diverse mix of fuels, new jobs, cleaner burning coal and the next generation of nuclear reactors.
But the bill now ready for President Bush's signature won't stem high energy prices that have been viewed as a growing political concern, both in Congress and at the White House.
The Senate approved the mammoth $12.3 billion legislation 74-26, though some Democrats said they voted for the measure reluctantly because of its cost and its tepid response to reducing the country's consumption of oil — now more than 20 million barrels a day, more than half imported.
The Senate action a day after the bill breezed through the House completed the first major overhaul of the nation's energy policies in 13 years. The White House said in advance of passage that Bush looked forward to signing it into law, possibly next week.
Under political pressure to do something about the nation's energy problems in light of soaring oil and gasoline prices, Bush challenged Congress to provide him a bill before lawmakers depart this week on a five-week summer recess.
Bill won't lower today's energy prices
But even the bill's sponsors acknowledged that their the 1,724-page bill would have little if any impact on today's energy prices or wean the nation away from its thirst for oil.
"We won't have any answers if the question is what are you going to do tomorrow morning about gasoline prices," said Sen. Pete Domenici, R-N.M., who led the Senate negotiations with the House in crafting the legislation.
But he said the bill would, indeed, provide financial incentives and federal policies "that we as a nation will benefit from not tomorrow, but for the next five or 10 years."
A provision with direct and more immediate impact on the public expands daylight-saving time by one month, adding three weeks in the spring and a week in the fall, taking it beyond Halloween. The change would go into effect in 2007.
Consumers also will see tax credits for the purchase of hybrid-electric cars and get tax breaks for making energy conservation improvements in their homes.
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