House Republicans plan to raise more than $15 billion in revenue through increasing U.S. oil, gas and coal lease sales, as well as other measures, to help pay for President Donald Trump’s massive tax cut package, according to a document seen by Bloomberg News.
The document, prepared by the House Natural Resources Committee, details plans to mandate at least four sales in the coastal plain of Alaska’s Arctic Arctic National Wildlife Refuge within the next 10 years, and resume lease sales in the National Petroleum Reserve-Alaska. Republicans also plan to resume quarterly onshore oil and gas lease sales as well as mandate new offshore leases sales, according to the document.
In addition, Republicans are planning to raise revenue through required sales of coal leases and also requiring the Forest Service to conduct timber sales, while rescinding unspecified funds for agencies like the National Oceanic and Atmospheric Administration and National Park Service.
In addition, the legislation, which is slated to receive a vote in by the committee next week, includes a measure streamlining the federal permitting process for big projects, with a goal of major environmental reviews being completed in one year.
House Republicans are aiming for a total of $2 trillion in spending reductions paired with a $4.5 trillion in reduced revenue from tax cuts.
