Rep. Ed Markey (D-Mass.) today decried the passage of the Ryan budget scheme in the House of Representatives for protecting billions of dollars in tax breaks for oil companies, while vowing to repeal President Obama's historic health care law. The GOP budget passed the House today 221-207.
"Republicans in Congress are wrongly prioritizing wealth care for oil companies, while vowing to kill President Obama's health care law," said Rep. Markey. "We need a balanced budget that keeps our promise to protect and grow America's middle class, and tells the most profitbale companies in the world to relinquish their 100 year-old tax breaks."
The Ryan budget aims to roll back what it calls "federal intervention" in energy markets and "corporate-welfare," but only when it comes to clean energy. The Ryan budget leaves intact the special tax breaks and free drilling loopholes that provide $7 billion per year in taxpayer support to the oil and gas industry, while calling for a devastating 90 percent cut in energy investments at the Department of Energy next year. Rep. Markey has introduced legislation, the Permanent Repeal of Oil Subsidies Act (H.R. 601), that would repeal 10 different tax subsidies currently enjoyed by the oil and gas industry along with loopholes that allow oil companies to avoid paying taxpayers for use and production of oil from America's public lands.
The House Democratic budget, on the other hand, calls for a broad ending to these types of special tax breaks for wealthy special interests. And it continues to invest in the energy research and development that will feed America's innovation economy for years to come.