Biden to propose ending fossil fuel subsidies in budget, report

President Joe Biden will announce his budget Thursday that is expected to end subsidies for the oil and gas industries.

The proposal, viewed by Reuters, is unlikely to make it through a divided Congress. Republicans and some Democrats oppose the removal of subsidies due to concerns about its possible effect on energy costs. 

Fossil fuel subsidies through lucrative tax breaks are estimated to cost $10 billion to $50 billion every year.

Biden promised to ax the subsidies as part of his efforts to fight climate change before taking office.