Senate Dems Lose Vote on Repeal of Tax Breaks for Oil Companies Amid Pain at Pump

Why do democrats keep calling these tax breaks subsidies? Why do they keep neglecting to mention that many other industries in this Country get the same tax breaks? Why do they fail to inform us that they are picking on FIVE oil companies? They aren't demanding that these tax breaks be taken away from ALL oil companies, just the five that they don't like. Why don't they admit that if these tax breaks are taken away the price of gasoline will rise in accordance?

These big five oil companies pay about 40% in taxes, even with the tax breaks they get, billions of dollars. But all the democrats see is the dollar figures, never mind that there are lots of companies that make a bigger profit percentage, just not the dollar amount. The democrats also refuse to mention that out of those profits the oil companies pay for research and development and exploration. It's not like they drill a hole in the ground and oil pops out. They spend huge amounts of money figuring out exactly where the oil is.

And lets also keep in mind that the oil industry employs thousands and thousands of people. Every time obama and his gang of thugs make it harder for oil companies to drill, Americans lose their jobs. The oil industry sufffers every day along the Gulf Coast because obama refuses to allow them to drill.

obama recently said he is going to increase drilling in the Gulf, off of Alaska, and off of California. It's bullshit. It is an election stunt. He has no intention of EVER allowing our Country to become energy independent. Don't fall for it people...

From FoxNews

As expected, Senate Democrats lost a key test vote Tuesday on a bill that would have repealed $20 billion worth of tax subsidies for the nation's five largest oil companies, falling 8 votes short of a win.

The 52-48 vote came as a majority of Americans say in a new Gallup poll that high gas prices are hurting their finances.

Nearly seven in 10 Americans said high gas prices are causing financial hardship for their families. More than half said to compensate, they have made major changes, ranging from shorter trips to cutting back on vacation travel. More than a 1,000 people responded to the poll that has a 4 percent margin of error.

The national average price for a gallon of regular gas is $3.94, according to AAA, and Democrats were looking to exploit that high price with Tuesday's vote.

Last week, Democrats grilled oil executives on the tax breaks that they say are not needed and President Obama announced Saturday he was directing his administration to ramp up U.S. oil production by extending leases in the Gulf of Mexico and off Alaska's coast.

Democrats have been touting a new report by the Joint Economic Committee found that eliminating the tax breaks would reduce the deficit by $21 billion over 10 years and encourage alternative energy and energy efficiency.

"This new JEC report makes clear that there are ways to bring down the deficit without harming our economic recovery," said Sen. Bob Casey, D-Pa., chairman of the committee. "By repealing unnecessary tax breaks to the major integrated oil companies, we can reduce the deficit by more than $20 billion and speed the move to a clean energy economy without impacting prices at the pump."

But Republicans opposed the bill, saying it won't relieve pain at the pump, a conclusion also reached by Senate Majority Leader Harry Reid, who said on the Senate floor Tuesday that "it won't affect gas prices at all."

Reid then went on to say the opposite.

"We have to do something about the exorbitant gas prices, and the best way to start with that is to do something about the five big oil companies getting subsidies they don't need," he said.

Read the rest at the link above...

Budget Panel: obama Deficit Plan Saves Less Than Advertised

If anyone actually believes that this "obama" plan will do anything positive for this County they should think about obamacare. Just like obamacare, you can bet there is a bunch of hidden shit that will wind up costing us billions and cut into the savings. It will probably require hiring thouands of new government employees to implement and somehow it will give huge amounts of money to unions and other of obama's cronies.

Never trust this man, ever. He is a liar. He lies when it is easier to tell the truth. It is a compulsion.

And don't forget there is always an agenda. His desire to turn us into a third world country out weighs any sense of sanity. He is a liar and should not be trusted...

From FoxNews

A leading panel of budget experts estimated Thursday that President obama's latest spending plan does not save as much money as the White House initially claimed and is about $1.5 trillion more expensive than the Republican plan.

Since he delivered a major fiscal policy address last week, obama and other officials have touted that the White House plan would cut $4 trillion over 12 years. Using that figure, they've claimed it's very similar to a House Republican plan which supposedly would cut $4.4 trillion over 10 years.

But given that most budget outlines use a 10-year window, as required by law, the Committee for a Responsible Federal Budget tried to offer an apples-to-apples comparison -- and determined obama's proposal would actually cut deficits by $2.5 trillion over the next decade. It credited the president for "moving the ball forward," but said that based on Congressional Budget Office assumptions, the plan doesn't do enough to tackle the debt crisis.

"It appears unlikely that the policies proposed in the president's framework would be sufficient to reduce debt to a manageable level," they wrote.

In response, the White House claimed that using the 10-year window, the president's budget plan would cut $2.9 trillion, not $2.5 trillion. And officials continued to stand by the claim that it cuts $4 trillion over 12 years. A White House aide suggested the president's plan would save more than the committee claims in part because of a "failsafe" provision that would trigger additional spending cuts if debt reduction goals are not met.

Read the rest at the link above...

Barack Obama: Losing $84 billion big success

If you have spent anytime here at all you know that I am a rabid Chevy fan. I own 7 or 8 Chevy cars and trucks, but I doubt if I will ever buy another new GM product.

This entire bailout was bad, it's still bad. It was poorly designed, even more poorly executed and just shady from the very beginning. It was a horrible deal for everyone...except the unions.

$84 BILLION dollars, that means that GM owes each and every man, woman and child in this Country like $273 bucks. If you just figured tax payers, it would be about $560 bucks each. I would settle for a 2011 Camaro SS...

By Kerry Picket - The Washington Times

Barack Obama has some 'splaining to do about taxpayers' profitable "investment" in General Motors. It turns out the president is imagining things.

Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.

"American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury's auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”

In fact, Investor's Business Daily reported that even the White House’s Director of the National Economic Council remarked that the Treasury Department Department had a good chance in "recovering most, if not all, of its investment in" GM.

However, a March 16 Congressional Oversight report, tells a different story. It estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”

That's only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.

GM is driving “away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion,” reported The Wall Street Journal last November.

Read the rest at the link above...

Obama 'Prepared' to Tap Oil Reserve in Response to Gas Prices

More lies from obama. Every word that comes out of his mouth is either a lie or just dumb. He is trting to claim that his administration is issuing tons of permits for off shore drilling. He is a liar. They have denied permits, even going as far as fighting the release of permits in court.

obama and his administration have made it clear, even saying as much, that their desire is for us to be paying as much for gasoline as it costs in Europe. This would help them accomplish many of their socialist goals. It would bankrupt what is left of our economy. It would force people to drive shitty little electric death traps that aren't fully developed and cost more than most people's house. The economic collapse that would be caused by $8 dollar per gallon gas would force millions more people onto the government welfare system. On and on. obama has no intention of getting in a hurry to release the strategic reserves or issue drilling permits. Any claims to the opposite are bullshit political games to try to gain support.

This guy needs to be run out of town. He hates our Country and he hates us...

From FoxNews

President obama, addressing frantic appeals from lawmakers to do something in response to rising gas prices, said Friday he is "prepared" to tap into the country's ample oil reserve if necessary. The president, in a nod to Republicans, also said he favors boosting domestic drilling in a responsible way.

But the president said improvements in energy efficiency are the only way to break U.S. dependence on foreign oil in the long term, and dismissed as political posturing Republicans' claims that his environmental policies have choked off American drilling.

"It doesn't match up with reality," the president said, prompting more criticism from GOP lawmakers who claimed he was stretching the truth.

As turmoil in the Middle East shakes the oil markets, obama said the United States needs a "comprehensive energy strategy." He called a press conference Friday specifically to address that point -- and while it was consumed by questions about possible military intervention in Libya, the tsunami in Japan, and the budget debate on Capitol Hill, obama tried to assure Americans that he empathizes with their concerns about gas prices.

"For Americans already facing tough times, it's an added burden," he said. obama also stressed that the United States should be able to weather any disruption due to the unrest in Libya.

Answering the calls of Democrats, he said his administration is prepared to open the Strategic Petroleum Reserve. He would not specify the conditions that would trigger tapping the reserve but said it was teed up and could happen quickly if he should choose to call for it. The government is cautious about going to the petroleum reserve, typically holding off except in very extreme cases such as 2005's Hurricane Katrina near the Gulf of Mexico drilling areas. 

Read the rest at the link above...