House GOP Votes Unanimously to Protect Big Oil Subsidies

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House Republicans voted in lockstep this afternoon to protect corporate welfare for Big Oil, even as they call for draconian cuts to programs that everyday Americans depend on each day. As the House of Representatives moved toward approving a stopgap resolution to avert a government shutdown for another two weeks, Democrats offered a motion to recommit that would have stripped the five largest oil companies of taxpayer subsidies, saving tens of billions of dollars in taxpayer funds. The motion failed on a vote of 176-249, with all Republicans voting against (approximately a dozen Democrats joined the GOP). A similar vote two weeks ago to recoup $53 billion in taxpayer funds from Big Oil was also voted down, largely along party lines. The former CEO of Shell Oil, John Hoffmeister, recently said Big Oil doesn't need subsidies "in face of sustained high oil prices." From 2005 to 2009, the largest oil companies have made a combined $485 billion in profits.

[Zero Sum 305]

Maybe the oil companies will hire the lost jobs caused by the cuts that are coming?

[Obama 2012 1,714]

Hey Steven,

How about Obama's favorite company, 'General Electric'

[JohnSmith2007 353]

Hey Steven,

How about Obama's favorite company, 'General Electric'

Or GM.

[lostinblue 1,989]

What Does Subsidy Mean?

A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy is usually given to remove some type of burden and is often considered to be in the interest of the public.

Now according to the Wall Street Jopurnal, a subsidy can actually mean – politically – a tax break. But it goes on to explain further and identifies examples wherein the government actually gives cash payments to groups or individuals – which is what I believe most people think of when they think about a subsidy. I know I do.

Interestingly, AOL news just ran an article concerning federal subsidies to “big oil” and the president’s State of the Union speech, and it turns out that the “subsidies” are tax breaks – letting oil companies keep their own money. I have never considered a tax cut or break – keeping one’s own money – to be a government subsidy. The president was talking about taxes – raising taxes – and not about government subsidies at all. http://stevebussey.com/wp/2011/01/%E2%80%9Cbig-oil%E2%80%9D-subsidies-words-mean-things/