Thursday, February 10, 2011

House Dems float bill to ax industry tax breaks as spending debate rages

Katie Howell, E&E reporter

"Democrats today continued their push against oil industry tax breaks as Republicans gear up to chop billions of dollars in federal spending.

A group of House Democrats, led by Reps. Earl Blumenauer of Oregon and Ed Markey of Massachusetts, floated a measure this afternoon that would eliminate a number of tax incentives for the oil and gas industry, saying such a move would save $40 billion over five years.

"The oil industry is one of the most profitable industries in the world and does not need help from the government," Blumenauer said in a statement. "With Congress already discussing painful budget cuts that will require American families to make sacrifices, it is only fair that we also stop the handouts to our richest oil companies."' More>>>>

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