Obama's budget to call for slashing oil tax breaks, boosting alternative energy

President Obama is expected to call on Congress Monday to eliminate billions of dollars in oil industry tax breaks, while setting aside money for his top clean-energy policy priorities. Obama will send his fiscal year 2012 budget request to Congress on Monday. The budget comes as Republicans are calling for massive cuts in spending, unveiling a proposal this week to fund the government through the end of this fiscal year that would cut $100 billion in spending when compared to Obama's 2011 budget request. Obama's 2012 budget request will also make major budget cuts. It will freeze domestic spending for he next five years and cut the deficit by $1.1 trillion over the next decade. Obama's budget request will call for eliminating a series of oil industry tax breaks. The Department of Energy estimates that such a repeal will save $3.6 billion in fiscal year 2012 and a total of $46.2 billion during the next decade.

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