Saturday, May 14, 2011

From the RACHEL MADDOW SHOW via The Maddow Blog:

One way or another, Congress will end the subsidies for major oil companies, Senator Robert Menendez (D-New Jersey) told us last night:
There are at least five Republican colleagues, present members of the Senate, who have said in one form or another that these subsidies no longer are need and should be repealed. You know, there will be that moment -- and their words versus their votes. And hopefully they'll join us.
But I'm convinced we're going to do this, because whether this is done through my legislation or whether this is done as part of any debt ceiling vote, which we'll insist on, or whether it's done as part of any budget vote, we are going to eliminate these subsidies.
Senator Menendez and Senator Charles Schumer (D-New York) teamed up in challenging the oil executives on Capitol Hill yesterday. One of the executives, Jim Mulva of ConocoPhillips, refused to apologize for his company's press release calling an end to the subsidies "un-American." Overall, the U.S. provides about $4 billion a year in subsidies to energy companies. Democratic senators have been pushing to end at least the $21 million or so now going to the big five: Shell, BP, Exxon Mobil, Chevron and ConocoPhillips.
Folding an end to the subsidies into a vote on the debt ceiling would up the ante considerably. The pressure is already on House Speaker John Boehner to raise the debt ceiling, with the U.S. Chamber of Commerce joining Democrats in calling for it. Speaker Boehner has been demanding $2 trillion in spending cuts as part of that vote. Senator Menendez is saying, essentially, that Congress could start by cutting the subsidies for wealthy corporations.

1 comment:

Janet Smith said...

Rachel, I was glad to hear your guest last evening, (7-30-12) declare that he had researched long and hard and had come to realize that global warming is in fact, a fact. He then proceded to throw it all under the bus when he embraced natural gas as the saviour of the climate. Sorry, he must now research the truth about high volume slick water horizontal hydrofracking and come back to confess, it is not the answer. Remember those windmills that Rachel was standing in front of?
Renewable energy, which is being used in Europe and around the world, will in truth be the answer. Hope I get to see that show.

As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.