Mar 01, 2011

House Republicans Vote to Keep Taxpayer Subsidies for Big Oil

Despite the need to cut spending and reduce the debt, today House Republicans voted against cutting taxpayer spending on subsidies for Big Oil companies making record profits. Last week, House Republicans voted to slash education, research and public safety budgets that would lead to more than 700,000 jobs lost nationwide.

Once again, House Republicans are asking the middle class to make huge sacrifices -- but not their special interest friends.

Background

  • Today, House Republicans opposed a Motion to Recommit that would ensure no "tax benefit" could go to a "major integrated oil company." [HJ Res 44, Vote #153, 3/01/11]
  • GOP spending plan would cost 700,000 jobs, new report says. "A Republican plan to sharply cut federal spending this year would destroy 700,000 jobs through 2012, according to an independent economic analysis set for release Monday." Mark Zandi was an economic advisor to Presidential candidate John McCain in his 2008 campaign. [Washington Post, 2/28/11; Wall Street Journal, 7/13/2007]
  • The Democratic Steering & Policy Committee held a hearing yesterday on the issue noting that from 2005 to 2009, the largest oil companies have made $485 billion in profits. [climateprogress.org, 3/01/11]
  • Last week, House Republicans voted for the Republican Continuing Resolution.  [HR 1, Vote #147 , 2/19/11]

Want the latest updates? Follow the DCCC on Facebook and Twitter: