Dems Aim To Cut Big Oil Tax Breaks for Deficit Reduction

"Leading Senate Democrats have coalesced around a political strategy in their uphill battle to repeal billions of dollars in oil industry tax breaks: Make it all about the deficit.

Caucus leaders and several politically vulnerable members unveiled legislation Tuesday that would repeal $21 billion worth of tax breaks over a decade for the largest oil companies.
All the savings would be steered toward deficit reduction, which Democrats made their top talking point as they baited GOP foes on nixing the incentives.

'If you are serious about deficit reduction and you say Big Oil’s tax breaks are off limits, how serious can you be?' said Sen. Charles Schumer (N.Y.), a key strategist for Senate Democrats."

Ben Geman reports for The Hill's E2 Wire May 10, 2011.

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"Ryan, the Republicans' Budget Hawk, Opposes Tax Breaks for Clean Energy and Oil" (ClimateWire)

Wednesday, May 11, 2011