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Good morning, my name is Erich Pica, and I am the director of the Green Scissors Campaign at Friends of the Earth. I would like to welcome you to the release of Running on Empty: How Environmentally Harmful Energy Subsidies Siphon Billions from Taxpayers. This report is part of an ongoing campaign to cut federal spending and subsidies that hurt the environment.

For nearly a decade, the Green Scissors Campaign, a coalition of taxpayer, environmental and consumer groups, has successfully cut or eliminated more than 20 environmentally wasteful programs, saving taxpayers more than $26 billion. Running on Empty identifies a mind-boggling $62 billion in existing and proposed dirty energy subsidies.

Today, the Green Scissors Campaign stands before you as the town crier -- all is not well. Our federal budget in running on empty with a $100 billion federal deficit, our air and water is being polluted by the energy sources of yesterday, and the dirty energy companies are at the gate demanding a doubling of their handouts from $33 billion to $62 billion. The federal coffers are empty, corporate profits are high, yet our leaders, once again, want to hand the bank over to the dangerous and polluting energy companies.

All is definitely not well.

The Senate has now become the last line of defense against a costly and polluting energy bill passed by the House of Representatives and supported by the President. H.R. 4, the Securing America's Future Energy Act, will not secure our future energy supply, but will secure future profits for the oil, gas, coal and nuclear power industries, and will leave the American taxpayer wanting for fiscal discipline and environmental protection.

The Bush energy strategy is bankrupt. It relies on the failed energy programs of the past. Historically, the federal government has gambled away tens of billions of dollars on fossil fuels and nuclear power development-and lost. We rely on more foreign oil than ever, our nuclear power plants are dangerous terrorist targets, we have radioactive waste piling up around the country with no safe place to store it, and our air is heavy with pollution from old coal plants. Rather than doubling down on a bad energy bet, we need to cut our losses and develop a new strategy that protects taxpayers and the environment.

With the federal budget running on empty we can't afford to waste $62 billion on the oldest most polluting sources of energy. One thing is certain: Senator Daschle (D-SD) and the Senate must heed our warning and stop this massive corporate give-away--our environment and pocketbooks demand it.