The Obama administration is unveiling a $3.83 trillion federal budget today that contains a double dose of bad news for the Houston area: cancellation of NASA’s Constellation mission to the moon and an end to tax breaks for energy exploration. Ending the Constellation program is one of hundreds of spending reductions proposed by the White House to reverse the highest government deficits in U.S. history. The elimination of tax incentives widely used by oil, gas and coal companies — and new fees on energy producers — would reduce the deficit by an estimated $40 billion over 10 years. The proposed budget, to be released today by White House budget director Peter Orszag, hopes to reduce the flow of red ink from 5 percent of the U.S. economy this year to 3 percent by 2015. Read more at www.chron.com |