The Republicans now in control of the U.S. House have been raising a big ruckus over the need to cut federal spending, and they are willing to cut just about every federal program there is to balance the budget without raising taxes. Those same Republicans have been excoriating President Obama and Democrats in both the House and the Senate for not being willing to make drastic cuts the Republicans say are necessary.
Except in one area: tax subsidies to oil and gas companies.
Democrats want to eliminate the oil and gas subsidies — about $4 billion worth — a move the White House estimates would save about $46 billion over 10 years, according to Talking Points Memo. But Republicans say, no way.
In fact, Texas Republican Joe Barton, the 6th District congressman who lives in Arlington, is one of the chief defenders of the subsidy. In an interview Wednesday with ABC, Barton claimed the tax subsidies are really just equal treatment, and that without them, companies like Exxon Mobile would go out of business.
Barton said: “Over time if you put so many disincentives against any U.S. manufacturing or production company, or oil and gas exploration company, they’ll go out of business.”
Really Joe? We have to cut education funding because America is broke, but we can’t let Exxon Mobile suffer.
In case you didn’t know, in the last quarter of 2010, Exxon Mobile profits rose 53 percent to $9.25 billion thanks to rising oil prices, according to this piece by Robert Creamer at Huffington Post. That puts Exxon Mobile’s profit rate at about $37 billion a year. That’s “billion.” With a “b.”
I’m not sure why Rep. Barton — who by the way is the same guy who apologized during a congressional hearing to BP because people were being so mean to them last year about that little oil spill in the Gulf — thinks Exxon Mobile can’t possibly make it without those tax breaks. I mean, we know for sure the company isn’t spending any money on protections and benefits for its LGBT employees.