Senators Propose "No Cost Stimulus Act"
By: Office of Sen. John Cornyn
Updated: March 12, 2009
WASHINGTON—U.S. Sen. John Cornyn, a member of the Senate Finance Committee, helped introduce the No Cost Stimulus Act, designed to help grow jobs and strengthen the economy through increased energy production without adding to our record-high national deficit. Analysis indicates this legislation would create more than 2 million jobs through energy production.
“We are in the midst of tough economic times, and Congress needs to take action and pass legislation that will stimulate the economy without increasing our national debt. Democrats, under the leadership of President Obama, passed legislation to the tune of $1.1 trillion that piled on to our national deficit and passed IOUs along to our children and grandchildren. Now, just one month later, Democrat leaders are considering a second ‘stimulus’ package,” Sen. Cornyn said.
“The No Cost Stimulus Act takes a better approach. First and foremost, it pays for itself and does not require additional borrowing against our future. It harnesses energy production to stimulate job growth, and generates revenue for both the local and national economy. Two road blocks have traditionally existed that thwart real energy and economic growth. Congress addressed the first barrier by repealing the moratorium on offshore and onshore lands, and this legislation tackles the next hurdle by streamlining the regulatory process that hinders the development and production of America’s natural resources. Increasing energy production creates American jobs without having to fork over another $1 trillion – like the Democrats supported last month – and instead earns money back to the federal government through increased revenues from royalties. Just as important in the long run, this legislation would help America achieve more energy independence and stabilize future spikes in energy prices that American families cannot afford. By strengthening energy production and job growth, I believe this bill is a win-win and hope we can pass this without delay.”
Background
Measures included in the bill are:
“We are in the midst of tough economic times, and Congress needs to take action and pass legislation that will stimulate the economy without increasing our national debt. Democrats, under the leadership of President Obama, passed legislation to the tune of $1.1 trillion that piled on to our national deficit and passed IOUs along to our children and grandchildren. Now, just one month later, Democrat leaders are considering a second ‘stimulus’ package,” Sen. Cornyn said.
“The No Cost Stimulus Act takes a better approach. First and foremost, it pays for itself and does not require additional borrowing against our future. It harnesses energy production to stimulate job growth, and generates revenue for both the local and national economy. Two road blocks have traditionally existed that thwart real energy and economic growth. Congress addressed the first barrier by repealing the moratorium on offshore and onshore lands, and this legislation tackles the next hurdle by streamlining the regulatory process that hinders the development and production of America’s natural resources. Increasing energy production creates American jobs without having to fork over another $1 trillion – like the Democrats supported last month – and instead earns money back to the federal government through increased revenues from royalties. Just as important in the long run, this legislation would help America achieve more energy independence and stabilize future spikes in energy prices that American families cannot afford. By strengthening energy production and job growth, I believe this bill is a win-win and hope we can pass this without delay.”
Background
Measures included in the bill are:
- Outer Continental Shelf Leasing – Begins the next five-year OCS Oil and Gas Leasing Program for 2010-2015, and extends Gulf States seaward boundaries to a uniform 12 miles. This would be an additional three miles more than what Texas currently has.
- ANWR Leasing Program – Requires first lease sale to occur within 22 months limits the amount of land to be leased and minimizes infrastructure impact.
- Renewable/Alternative Energy Trust Fund – Creates a trust fund from the federal revenue share of ANWR production to fund renewable/alternative energy programs previously authorized in the Energy Policy Act 2005 and Energy Independence Security Act 2007.
- Expedited Judicial Review / Regulatory Streamlining – Moves litigation jurisdiction to the State Court of Appeals of D.C. Also puts forth environmental streamlining requirements to lease oil shale resources, license new nuclear plants, modernize review process for NEPA, and address concerns with the Clean Air and Endangered Species Act.
