Obama Proposes $41B in Oil/Gas Subsidy Cuts to Help Fund Jobs Package [View All]

[wtmusic]

"Just when it seemed like the debate about repealing oil and gas subsidies had faded away, President Obama gave the issue new life. Speaking at the White House yesterday, Obama proposed cutting certain tax credits to profitable oil and gas companies to pay for part of his $467 billion job-creation package.

“The bottom line is, when it comes to strengthening the economy and balancing our books, we’ve got to decide what our priorities are,” he said, speaking in the White House Rose Garden. “Do we keep tax loopholes for oil companies, or do we put teachers back to work?”

The president seems to have support from the American public. In a Washington Post/ABC News poll conducted this July, 59% of Americans said they supported repealing permanent tax breaks for fossil fuel companies to reduce the deficit. While the funds would be used for a jobs plan rather than deficit reduction, the President and Democratic members of Congress are hoping to ride that support."

http://thinkprogress.org/romm/2011/09/13/318266/fund-jobs-package-obama-proposes-cutting-oil-and-gas-subsidies/