Apr 03, 2011
House Republican Budget Chairman Paul Ryan Says Budget Will Target Seniors, Not Oil and Gas
On Fox News Sunday today, House Republican Budget Committee Chairman Paul Ryan (WI-01) made clear that Republicans’ budget proposal will protect taxpayer subsidies for Oil and Gas companies making record profits. While not cutting these Oil and Gas subsidies which would save billions of dollars over the next decade, Ryan made clear that the House Republican budget will slash Medicare and Medicaid.
“Paul Ryan made clear that the Republican budget will protect Big Oil companies subsidies over seniors health care,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “It’s already becoming clear who will be the priority in the House Republican budget – special interests, not middle class families.
- No Ending Subsidies. When challenged by Fox News Sunday host Chris Wallace about whether his budget will include reductions in Oil and Gas subsidies like the Presidents Fiscal Commission did, Ryan responded that “we don't have a tax problem". [Fox News Sunday, 4/3/11]
- House Republicans Cutting Medicare and Medicaid. Chuck Loveless of the American Federation of State, County and Municipal Employees said anything approaching a $1 trillion cut over 10 years would have “devastating consequences for the disabled, the working poor and children” as well as seniors who rely on long-term care. “It shines a bright light, we think, on what the House Republican leaders are attempting to do in these various budget discussions as we go forward. They’re seeking to savage the safety net for the most vulnerable in our society and a time when corporations are enjoying record profits.” [POLITICO, 3/31/11]
- The largest oil companies have made $485 billion in profits. The Democratic Steering & Policy Committee held a hearing on the issue of Oil and Gas subsidies and noted that from 2005 to 2009, the largest oil companies have made $485 billion in profits. [climateprogress.org, 3/01/11]
- Obama's budget plan targets oil, gas tax breaks. “President Obama's proposed 2010 budget takes pointed aim at oil and gas companies, eliminating myriad tax breaks and proposing new fees on the providers. The plan put out Thursday would repeal tax breaks intended to spur oil and gas exploration and penalize companies that don't develop wells on land leased from the government. It could raise tens of billions of dollars the next decade.” [USA Today, 2/27/11]
- Last month, House Republicans opposed a measure that would ensure no “tax benefit” could go to a “major integrated oil company.” [HJ Res 44, Vote #153, 3/01/11]