Sep 29 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the vote in the U.S. House of Representatives against the financial rescue plan.  He said:


“I have never been more disappointed in the Congress than I am today.  I hope every member of the House of Representatives -- Republican and Democrat -- who voted against this legislation will work in the next twenty-four hours to improve the bill.  Now is the time to put the national interest above the self interest.


“Speaker Pelosi’s partisan comments before the vote obviously did not help matters.  Now is not the time for extreme partisanship but time for our nation to pull together for the common good.


“If we do not address this issue, our nation may be headed toward a major financial collapse.  For the common good, we must find a solution to this problem.  Without the ability to borrow money to build a business, buy a home, or go to school, our country will be brought to its financial knees.


“Today’s actions will ripple throughout our economy.  More people will lose their homes.  Businesses may be forced to shut their doors.  Life savings and retirement accounts will take a severe hit. I fear those who voted against this legislation have put our nation’s economy at risk.


"Democratic and Republican leaders must find a way to bring more votes on board to this bipartisan bill.  I will continue to do my part in this effort as I realize the cost of congressional inaction will be steep.”











Sep 22 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement on the Wall Street rescue plan proposed by Secretary Paulson and congressional efforts to place limits on executive compensation.

On the Proposal from Secretary Paulson:

“I respect Secretary Paulson, but no individual should have this much ‘blank check’ authority.  The oversight and accountability provisions in the initial proposal were limited and must be strengthened. 

“It is imperative Congress work quickly and cooperatively with the Administration to address our financial problems before they get worse. 

“I realize any proposal will not contain all provisions I like or support.  I do hope however we give further consideration to the creation of an independent board made up of Republicans, Democrats, and Independents who would have oversight over any government’s expenditures on a rescue plan.  There is merit in this approach and I hope it would be an essential ingredient in any bailout plan.  We need to bring the best minds in our nation together to help solve a very difficult problem. 

“Now is the time to focus on solutions, not empty rhetoric.” 

On Limits on Executive Compensation for Participating Firms:

“Taxpayers should not subsidize multi-million dollar buyouts for CEO’s and other top managers who created this problem.  If a company participates in a proposed government rescue plan, there should be limits on the executive’s compensation.  They should not be rewarded for their massive failures.  The last thing we need is an executive of a failed firm walking away with millions.”


Sep 19 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after hearing from President Bush and Treasury Secretary Hank Paulson on the state of the United States financial system. 

He said:

“We must get to the heart of the problem and that is the effect bad mortgage loans are having on our economy.  If not addressed, this problem will have an increasingly negative impact on the ability of average Americans to borrow money to buy a home, build a business, or go to college.  If we do not use sound judgment, I fear many American’s who have worked hard all their lives and invested in their future, will be placed at additional financial risk. 

“This current financial crisis started with the subprime mortgage sector where individuals were allowed to borrow funds and buy homes they could not afford.  It was a house of cards that has led to severe consequences for other sectors of the financial markets.  The practice has since come back to haunt our nation. 

“Getting bad debt out our financial system may be the only way to recapitalize our nation and prevent an institutional collapse that would jeopardize the financial future of all Americans.  I know the price to fix this problem is enormous.  However, at the end of the day, it may be less than the price of doing nothing and risking a complete financial meltdown. 

“I look forward to studying the proposal Secretary Paulson will submit to Congress in the coming days and asking tough questions to ensure taxpayers are protected to the maximum extent possible. 

“I believe it is in our national interest for Congress to act sooner rather than later.  This is not the time for partisan politics or the blame game.  We must get this right.

“Looking forward, Secretary Paulson’s proposal will be the first step -- not the last -- in cleaning up this financial mess.  We must also put stronger regulations and oversight in place to bring transparency to the markets.  I fear our failure to act in these areas will only lay the groundwork for similar disasters in the future.”


Sep 15 2008

WASHINGTON -- U.S. Senator Lindsey Graham (R-South Carolina) today announced that due to agricultural losses caused by drought and excessive heat, the U.S. Department of Agriculture has declared 44 of the 46 counties in South Carolina as primary disaster areas.  Beaufort and Charleston counties have been designated contiguous disaster areas.

“This is welcome news for South Carolina’s farmers,” said Graham.  “The drought and heat have made 2008 a difficult year.  I’m pleased to see relief is on the way.”

These designations make farm operators in both primary and contiguous counties eligible to be considered for low-interest emergency loans from the Farm Services Administration (FSA).  Local FSA offices can provide farmers with more information.


Sep 11 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after attending the 9/11 Remembrance Ceremony in Shanksville, Pennsylvania.  Later today, Graham will travel to New York City to visit Ground Zero.

He said:

“The ceremony honoring the passengers of Flight 93 was very moving.  The passengers on Flight 93 were the first Americans to fight back against the terrorists and made the ultimate sacrifice.  Their love for their country and their families overcame the hate of the terrorists.

“I had the great fortune to meet with many family members of Flight 93.  While they are still suffering from grief, they are very proud of their loved ones.

“The Flight 93 Memorial is a reminder that when evil comes our way we must fight back.  Evil must be confronted. Seven years after 9/11, we are still fighting back and I hope our nation never forgets what can happen when we are indifferent to evil.”


Sep 10 2008

WASHINGTON- U.S. Senator Lindsey Graham (R-South Carolina) today announced the Senate has approved a resolution recognizing the week of September 7, 2008 as “National Historically Black Colleges and Universities Week.”

The resolution, introduced by Graham, was passed unanimously and calls on Americans to observe the week with appropriate ceremonies, activities, and programs to demonstrate support for Historically Black Colleges and Universities (HBCUs).

“Historically Black Colleges and Universities provide quality educational experiences and play a vital role in an increasingly complex and highly technological society,” said Graham.  “HBCUs have a rich heritage and have played a prominent role in the history of the United States. Further, they have allowed many students to attain their full potential through higher education. I am pleased the Senate has come together in a bipartisan fashion to recognize the contributions and accomplishments of these institutions.”

“The Thurgood Marshall College Fund family applauds Senator Graham’s leadership in recognizing the historic legacy and commitment to excellence of America’s Historically Black Colleges and Universities,” said Dwayne Ashley, President and CEO.  “The Fund looks forward to continuing to expand higher educational opportunities for all of its students.”

President Bush has also issued a proclamation designating September 7-13, 2008 as “National Historically Black Colleges and Universities Week.”

South Carolina is home to 8 Historically Black Colleges and Universities: Allen University, Benedict College, Claflin University, Clinton Junior College, Denmark Technical College, Morris College, South Carolina State University, and Voorhees College.



Sep 10 2008

WASHINGTON –  U.S. Senators Lindsey Graham (R-SC) and Joe Lieberman (ID-CT) today urged the U.S. Senate to adopt a bipartisan resolution that recognizes the reality of the strategic success of the surge in Iraq :


"It was exactly one year ago today that General David Petraeus returned to Capitol Hill to testify before Congress about the progress of the surge in Iraq. At the time, many members of the Senate argued that the surge -- despite growing evidence of its success -- was not working and should be abandoned. One left-wing group,, even made the despicable and outrageous accusation that General Petraeus would try to 'cook the books' to justify the surge when he appeared before Congress.


"One year later, it is clear: the critics of the surge were wrong.


"Had we heeded their advice to retreat from Iraq in 2007, the United States would have suffered a catastrophic defeat in the heart of the Middle East that would have had terrible consequences far beyond Iraq for years to come. Fortunately, we did not abandon General Petraeus and his brave troops, and as a result, the situation in Iraq has completely reversed. We have witnessed substantial progress on the political, economic and military fronts. Our enemies are weaker, and America is safer.


"We congratulate the Iraqi people for coming together in the face of so much adversity to further the peace and prosperity of their country.  We honor their sacrifices and share in their desire to continue to build on success.


"The situation in Iraq remains fragile and complex. The war is not over. Our two deadliest enemies -- al Qaeda and Iran -- will seize any opportunities we hand them to come back.


"However, because of the strategic success of the surge, more and more American troops are coming home, not in defeat, but in honor.


"In withdrawing our troops from Iraq , however, it is critical that we do not jeopardize the hard-won gains they have achieved. That means any withdrawal must be based on the recommendations of General Petraeus and our commanders on the ground, not on an arbitrary timeline invented in Washington . Our brave military has fought too hard, and sacrificed too much, for American politicians to throw away the gains they have achieved with an arbitrary timeline.


"What is needed now, therefore, is not more partisan politics over Iraq, but for Democrats and Republicans alike to come together and recognize reality: to acknowledge that the surge was not just a tactical success but a strategic success; to give thanks to our courageous men and women in uniform who made it possible; and to pledge that we will do nothing that might squander these hard-won gains.


"For that reason, we have introduced a bipartisan resolution that recognizes the reality of the strategic success of the surge. We hope that the Senate can unite to take up and adopt this resolution this week, on the one year anniversary of General Petraeus' testimony before Congress and as he prepares to depart Baghdad to take command of U.S. Central Command (CENTCOM). The moment has come for the Senate to speak with one voice and admit the strategic success of the surge."









Aug 26 2008

Russia's Aggression Is a Challenge to World Order

By U.S. Senators Lindsey Graham and Joe Lieberman

In the wake of Russia's invasion of Georgia, the United States and its trans-Atlantic allies have rightly focused on two urgent and immediate tasks: getting Russian soldiers out, and humanitarian aid in.

But having just returned from Georgia, Ukraine and Poland, where we met with leaders of these countries, we believe it is imperative for the West to look beyond the day-to-day management of this crisis. The longer-term strategic consequences, some of which are already being felt far beyond the Caucasus, have to be addressed.

Russia's aggression is not just a threat to a tiny democracy on the edge of Europe. It is a challenge to the political order and values at the heart of the continent.

For more than 60 years, from World War II through the Cold War to our intervention in the former Yugoslavia in the 1990s, the U.S. has fostered and fought for the creation of a Europe that is whole, free and at peace. This stands as one of the greatest strategic achievements of the 20th century: the gradual transformation of a continent, once the scene of the most violent and destructive wars ever waged, into an oasis of peace and prosperity where borders are open and uncontested and aggression unthinkable.

Russia's invasion of Georgia represents the most serious challenge to this political order since Slobodan Milosevic unleashed the demons of ethnic nationalism in the Balkans. What is happening in Georgia today, therefore, is not simply a territorial dispute. It is a struggle about whether a new dividing line is drawn across Europe: between nations that are free to determine their own destinies, and nations that are consigned to the Kremlin's autocratic orbit.

That is the reason countries like Poland, Ukraine and the Baltic States are watching what happens in the Caucasus so closely. We heard that last week in Warsaw, Kiev and Tbilisi. There is no doubt in the minds of leaders in Ukraine and Poland -- if Moscow succeeds in Georgia, they may be next.

There is disturbing evidence Russia is already laying the groundwork to apply the same arguments used to justify its intervention in Georgia to other parts of its near abroad -- most ominously in Crimea. This strategically important peninsula is part of Ukraine, but with a large ethnic Russian population and the headquarters of Russia's Black Sea Fleet at Sevastopol.

The first priority of America and Europe must be to prevent the Kremlin from achieving its strategic objectives in Georgia. Having been deterred from marching on Tbilisi and militarily overthrowing the democratically elected government there, Russian forces spent last week destroying the country's infrastructure, including roads, bridges, port and security facilities. This was more than random looting. It was a deliberate campaign to collapse the economy of Georgia, in the hope of taking the government down with it.

The humanitarian supplies the U.S. military is now ferrying to Georgia are critically important to the innocent men, women and children displaced by the fighting, some of whom we saw last week. Also needed, immediately, is a joint commitment by the U.S. and the European Union to fund a large-scale, comprehensive reconstruction plan -- developed by the Georgian government, in consultation with the World Bank, IMF and other international authorities -- and for the U.S. Congress to support this plan as soon as it returns to session in September.

Any assistance plan must also include the rebuilding of Georgia's security forces. Our past aid to the Georgian military focused on supporting the light, counterterrorism-oriented forces that facilitate Tbilisi's contribution to coalition operations in Iraq. We avoided giving the types of security aid that could have been used to blunt Russia's conventional onslaught. It is time for that to change.

Specifically, the Georgian military should be given the antiaircraft and antiarmor systems necessary to deter any renewed Russian aggression. These defensive capabilities will help to prevent this conflict from erupting again, and make clear we will not allow the Russians to forcibly redraw the boundaries of sovereign nations.

Our response to the invasion of Georgia must include regional actions to reassure Russia's rattled neighbors and strengthen trans-Atlantic solidarity. This means reinvigorating NATO as a military alliance, not just a political one. Contingency planning for the defense of all member states against conventional and unconventional attack, including cyber warfare, needs to be revived. The credibility of Article Five of the NATO Charter -- that an attack against one really can and will be treated as an attack against all -- needs to be bolstered.

The U.S. must also reaffirm its commitment to allies that have been the targets of Russian bullying because of their willingness to work with Washington. The recent missile-defense agreement between Poland and the U.S., for instance, is not aimed at Russia. But this has not stopped senior Russian officials from speaking openly about military retaliation against Warsaw. Irrespective of our political differences over missile defense, Democrats and Republicans should join together in Congress to pledge solidarity with Poland, along with the Czech Republic, against these outrageous Russian threats.

Finally, the U.S. and Europe need a new trans-Atlantic energy alliance. In recent years, Russia has proven all too willing to use its oil and gas resources as a weapon, and to try to consolidate control over the strategic energy corridors to the West. By working together, an alliance can frustrate these designs and diminish our dependence on the foreign oil that is responsible for the higher energy prices here at home.

In crafting a response to the Georgia crisis, we must above all reaffirm our conviction that Russia need not be a competitor or an adversary. Since the collapse of the Soviet Union, Democratic and Republican administrations have engaged Russia, sending billions of dollars to speed its economic recovery and welcoming its integration into the flagship institutions of the international community. We did this because we believed that a strong, prosperous Russia can be a strategic partner and a friend. We still do.

But Russia's leaders have made a different choice. While we stand ready to rebuild relations with Moscow and work together on shared challenges, Russia's current course will only alienate and isolate it from the rest of the world.

We believe history will judge the Russian invasion of Georgia as a serious strategic miscalculation. Although it is for the moment flush with oil wealth, Russia's political elite remains kleptocratic, and its aggression exposed as much weakness as strength. The invasion of Georgia will not only have a unifying effect on the West, it also made clear that Russia -- unlike the Soviet Union -- has few real allies of strategic worth. To date, the only countries to defend Russia's actions in the Caucasus have been Cuba and Belarus -- and the latter, only after the Kremlin publicly complained about its silence.

In the long run, a Russia that tries to define its greatness in terms of spheres of influence, client states and forced fealty to Moscow will fail -- impoverishing its citizens in the process. The question is only how long until Russia's leaders rediscover this lesson from their own history.

Until they do, the watchword of the West must be solidarity: solidarity with the people of Georgia and its democratically elected government, solidarity with our allies throughout the region, and above all, solidarity with the values that have given meaning to our trans-Atlantic community of democracies and our vision of a European continent that is whole, free and at peace.

Mr. Graham is a Republican senator from South Carolina. Mr. Lieberman is an Independent Democratic senator from Connecticut.

(This op-ed originally ran in the Wall Street Journal on August 26, 2008.)


Aug 06 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement on the verdict reached by the military commission in the Hamdan case. 

Hamdan was convicted by a panel of six military officers of providing material support for terrorism.  He was acquitted on a more serious charge of conspiracy.  The Hamdan case was the first military commission trial here and the first conducted by the United States since the end of World War II.

Graham said:

“With 25 years of experience as a military lawyer, I have a great deal of confidence in military judges, juries, prosecutors and defense attorneys to fairly and appropriately deal with allegations of war crimes by unlawful enemy combatants.  These are the same lawyers and jurors who sit in judgment of our own troops when they are accused of misconduct.  

“As one of the primary authors of the Military Commissions Act (MCA), I continue to believe the military commission setting is the right venue for these trials, not civilian courts.  Every conviction by the military commission, like Hamdan, can be appealed to federal civilian court and the Supreme Court.  The due process rights granted to unlawful enemy combatants under the MCA are far beyond anything offered in other wars. 

“I was pleased the commission proceedings were open to the public to the maximum extent possible and the judge prohibited the use of evidence he found to be a result of coercive interrogations.   

“I have always believed it would be a major mistake to view those alleged to have been involved with Al Qaeda and other terrorist organizations to be common criminals instead of the warriors they claim to be.  I believe military commissions are the right approach to deliver justice and protect our nation in the War on Terror.”



Aug 01 2008

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) helped draft and signed on to a bipartisan energy proposal that enables our nation become more energy independent.


The proposal, New Energy Reform Act of 2008 from the group dubbed the ‘Gang of 10’, contains provisions on offshore drilling, spent nuclear fuel recycling, promotes new technologies and conservation, and requires the oil companies to pay fair market prices for oil leases and drilling rights.


“There is no greater problem facing average American’s and small business today than high fuel costs and our nation’s dependency on foreign oil, “said Graham.  “Our proposal is not perfect, but it is a bipartisan start on the road to a comprehensive energy strategy leading our nation to independence from foreign oil.  It will create new jobs from new technologies good for American wallets and our environment.  I am proud to be part of this bipartisan effort to address this serious problem.”


Among the major provisions of the legislation:

  • Increased Off-Shore Drilling:  The ban on offshore drilling in large parts of the Gulf of Mexico and Atlantic will be lifted.  States would have to consent to drilling at least 50 miles off their shores.
  • Recycling of Spent Nuclear Fuel:  The recycling of spent nuclear fuel would reduce by 90 percent the waste to be placed in long-term storage at the proposed repository at Yucca Mountain, Nevada .  Spent fuel rods would be recycled and reused as fuel in commercial nuclear power plants and would help reenergize our nuclear power industry.
  • Strong Conservation and Energy Independence Measures:  The proposal takes strong steps in promoting new technologies that will reduce the amount of foreign oil we consume.  It expands existing incentives to purchase hybrid vehicles, facilitates the development of next-generation batteries, and includes hydrogen infrastructure tax credit to help bring this promising technology to market. 
  • Requires Oil Companies to Pay Fair Market Value:  The proposal repeals tax breaks and incentives for oil companies.  Oil companies will also be required to pay royalty payments due on existing leases where royalties were not previously charged.  The inability to collect royalty payments was a result of poor drafting of leases during the Clinton Administration.  The revenue would be invested in alternative fuels.

"Offshore drilling, with the consent of the states, is an integral part of any energy independence plan,” said Graham.  “There is no doubt we need more domestic exploration.  Every barrel of oil we can find in America will be one less we have to compete with China and India for or be subject to OPEC price setting.  The more domestic energy we can locate and utilize the better.

“Since the 1970s, our country has had an irrational view of nuclear power,” said Graham. “This view is best demonstrated by our nation’s refusal to allow recycling of spent fuel rods. For decades the French, Japanese and British have all been recycling spent fuel.  Surely this is an instance were we can be as bold as the French.

“Our proposal also commits billions for research, development, and purchases of alternative fuel vehicles,” said Graham.  “We call for an ‘Apollo Project’ like effort to support the goal of transitioning 85 percent of American new motor vehicles to non-petroleum-based fuels within the next 20 years.

“Quite frankly, this particular tax incentive was never asked for by the oil companies,” said Graham.  “It is irrational to be allocating around $1 billion per year in tax dollars to assist in production at a time when oil is $124 per barrel and companies are recording record profits.  The proposal also seeks royalty payments due on existing leases where royalties were not previously charged.  The inability to collect royalties was a result of poor drafting of the leases during the Clinton Administration and could result in billions in payments being collected over the next 10 years.  These revenues will be invested in alternative fuel technology.

“It is clear to the American people their Congress is broken.  I appreciate the efforts of my colleagues to try to jumpstart serious discussions on how to solve America ’s energy crisis,” said Graham.  “It is my hope that this group will provide some reassurance to the American people that we still can work together and find common ground on the important problems facing every American family and business.  I hope that over the congressional recess support will build for this common-sense, balanced approach to making our nation more energy independent.”

The members of the ‘Gang of 10’ include Senators Kent Conrad (D-North Dakota), Saxby Chambliss (R-Georgia), John Thune (R-South Dakota), Johnny Isakson (R-Georgia), Bob Corker (R-Tennessee), Blanche Lincoln (D-Arkansas), Mary Landrieu (D-Louisiana), Mark Pryor (D-Arkansas), and Ben Nelson (D-Nebraska).



Roadmap to a Secure Energy Future


Knowing that the rising cost of energy is the number one issue facing Americans today, ten Senators from both sides of the aisle have come together to present a proposal to reduce gas prices, lessen our dependence on foreign oil, and strengthen our economy.  The New ERA legislation represents a true compromise, incorporating common sense ideas.

The purpose of the legislation is to transition our economy – particularly the surface transportation sector – to run off alternative fuels other than gasoline and diesel. The legislation dedicates at least $20 billion in the next ten years to this important endeavor.

To ease gas prices in the interim, the New ERA bill includes significant conservation provisions and targeted, responsible measures to increase our domestic production of traditional fuel sources. Any new domestically produced resources must stay in the United States . The bill will also establish a National Commission on Comprehensive Energy Policy to identify critical “inhibitors and prohibiters” to the goals established in the bill and to make recommendations to Congress on policies to overcome these obstacles as well as to address related matters such as carbon capture and storage, nuclear and renewable energy, and the need for upgrading and transitioning the national grid and other energy infrastructure.

The New ERA bill contains three main components:

  • An intensive effort to transition vehicles to non-petroleum based fuels;
  • a robust federal commitment to conservation and energy efficiency; and
  • targeted, responsible domestic production of energy resources.

Converting Cars and Trucks to Non-Oil Fuel Sources to Regain Energy Independence

The New ERA legislation funds a $20 billion “Apollo Project” like effort to support the goal of transitioning 85 percent of America ’s new motor vehicles to non- petroleum-based fuels within 20 years. To accelerate this transition, the legislation includes:

  • $7.5 billion for R&D focused on the major technological barriers to alternative fuel vehicles, such as advanced batteries;
  • $7.5 billion to help U.S. automakers and parts makers re-tool and re-equip to become the world leader in making alternative fuel vehicles;
  • Consumer tax credits of up to $7,500 per vehicle to incentivize Americans to purchase advanced alternative fuel vehicles (those that run primarily on non-petroleum fuels) and up to $2,500 to retrofit existing vehicles with advanced alternative fuel engines.

Enhancing Conservation

To ease gas prices and protect our environment during the transition, the proposal includes a significant federal commitment to promoting conservation and efficiency.  These include:

  • Extending renewable energy, carbon mitigation and energy conservation and efficiency tax incentives, including the production tax credit, through 2012 to create greater certainty and spur greater investment;
  • New consumer tax credits of up to $2,500 to purchase highly fuel efficient vehicles, to help Americans reduce their annual gas costs and reduce oil imports;
  • Extending and expanding the $2,500 tax credit for hybrid electric vehicles;
  • $500 million for R&D into new materials and other innovations to improve vehicle fuel efficiency;
  • $2.5 billion in R,D&D on next generation biofuels and infrastructure;
  • Tax incentives for the installation of alternative fueling stations, pipelines and other infrastructure;
  • Expanding transmission capacity for power from renewable sources;
  • New dedicated funding for the weatherization assistance program.

Responsible, Targeted Domestic Energy Production

To help meet our energy needs until our economy transitions to advanced alternative fuel vehicles, the New ERA bill increases domestic energy production in environmentally responsible ways. The legislation:

  • Provides a CO2 sequestration credit for use in enhanced oil recovery to increase production from existing oil wells while reducing greenhouse gas emissions; 
  • Opens additional acreage in the Gulf of Mexico for leasing (in consultation with the Defense Department to ensure that drilling is done in a manner consistent with national security) and allows Virginia, North and South Carolina and Georgia to opt in to leasing off their shores.  Retains an environmental buffer zone extending 50 miles offshore where new oil production will not be allowed.  Requires all new production to be used domestically.  Creates a commission to make recommendations to Congress on future areas that should be considered for leasing. Provides for appropriate revenue sharing for states that allow leasing off their shores;
  • Provides grants and loan guarantees for the development of coal-to-liquid fuel plants with carbon capture capability.  Plants must have lifecycle greenhouse gas emissions below those of the petroleum fuels they are replacing;
  • Supports nuclear energy by increasing staff at the NRC, providing workforce training, accelerating depreciation for nuclear plants, and supporting R&D on spent fuel recycling to reduce nuclear waste.


The Group decided to focus on increasing supply and reducing demand and will await the mid-September report of the CFTC to consider this subject.


The $84 billion in investments in conservation and efficiency in the New ERA bill will be fully offset with loophole closers and other revenues.  Approximately $30 billion will come from new revenues from the oil and gas industry through such measures as modifying the Section 199 manufacturing deduction for oil and natural gas production and other appropriate measures to ensure that the federal government receives its fair share of revenue from Gulf of Mexico leases.  Remaining offsets will be finalized in consultation with the Finance Committee after accounting for interaction effects with other pending legislation.