Andrew Rustuccia | February 15, 2011 | Reposted from The Hill’s E2 Wire
Lawmakers should support a proposal to eliminate tax breaks for the oil and gas industry if they are “really serious about the deficit,” President Obama said Tuesday.
But the proposal, outlined in Obama’s budget request Monday, faces major obstacles in Congress. Republicans say it would harm the economy and hobble the oil industry at a time when domestic energy production should be expanded.
Obama has called for eliminating the tax breaks before, but the proposal has gone nowhere in Congress. Asked why he thinks the plan can gain momentum now, Obama said it would help meet Republican lawmakers’ calls to cut spending.