President Obama spoke from the White House's South Lawn this morning, urging Congress to end the $4 billion in tax subsidies oil and natural gas companies receive from the government every year. Obama noted that "Exxon pocketed nearly $4.7 million every hour" last year, and simply doesn't need taxpayer subsidies on top of companies' massive profits.
The president added, "It's like hitting the American people twice."
Soon after, the Senate voted on the issue, and though a majority of members agreed with the president, a majority is no longer enough in the upper chamber.
The Senate on Thursday thwarted Democratic plans to strip billions of dollars in tax breaks from the largest oil companies, just an hour or so after President Obama urged the chamber to kill off the deductions.
Lawmakers voted 51-47 to block Sen. Robert Menendez's (D-N.J.) bill. Sixty votes were needed to advance the measure.
Two Republicans -- Sens. Susan Collins and Olympia Snow, both from Maine -- crossed party lines and voted to repeal the tax breaks. Four Democrats -- Sens. Mark Begich (Alaska), Mary Landrieu (La.), Ben Nelson (Neb.) and Jim Webb (Va.) -- voted against the bill.
Even if the bill had gained Senate approval, House passage was extremely unlikely, but the vote will likely play a role in the Democrats' election-year message. Vulnerable incumbents like Sens. Scott Brown (R-Mass.) and Dean Heller (R-Nev.) toed the party line on oil subsidies, and it seems likely that voters in Massachusetts and Nevada will be reminded of this morning's vote in the fall.
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When I win that half billion dollar lottery today, I'm gonna run for the Senate!
No, wait; I'll just buy a half dozen senators, and still enough money left to do something useful . . .
Wishful thinking!
After taxes, that 1/2 billion would still be worth at least $300 Million. For $300 Million, you could buy the majority of the senate if not for the fact that all of the repukes and a very big portion of the dumbocraps are already corporately owned so not for sale to working people.
If I win I’m starting “The 99% PAC” to help Progressive Democrats like Wenona Benally Baldenegro from Arizona get elected to congress.
maybe... we should WRITE to our Congressmen and women, Instead of ( pretty much uselessly ) complain here .
Yeah, of course they did, they're buddies!
What a surpise! Begich, Landrieu, Nelson and Webb! Pigs in a blanket at the Oil Industry Cocktail party!
J F-ing C..
Ben Nelson can't leave the Senate soon enough for me.
I can't wait for Nelson to resign!
Do they all take classes on how to become such self serving, greedy b******s? Back the oil company credit and the oil company will keep you in office. Some motto. OMG I hate politicians. The decent ones are stymied by the bad ones.
Need to vote for candidates not backed with millions of dollars unless you have faith in your senators and the legislators. Campaign reform!
Neither Ben or Jim are running for re-election, why did they feel obligated to maintain the status quo to support the oil industry subsidies? How much money has been contributed to their past campaigns by this industry? Who's going to run against Mark and Mary that they felt they needed the cover to vote for the subsidies continuing? Neither is vulnerable. What about the other Republican senators that are not running for re-election...they had to pay back the oil companies for past contributions, too? I think you should ask Webb and Nelson to come on the show and justify their votes today. So disappointing even if Harry can't bring himself to shut down the filibuster. That inaction has caused as much harm to moving forward as the "just say no" Republican hypocrites.
They may not be running for re-election but they could be interviewing for a new job.
Sometimes those who have been bought still need to show that they are still owned.
I understand Begich and Landrieu's votes. I'll assume Nelson just wanted to stick it to his party once more on his way out the door. But does anyone know Webb's reasoning?
Maybe Webb wants a piece of the pie when he's out of office.
I'll try to find out, but his office has never been responsive, and will probably be less so now that he's retiring. I'm sure he has some reason he thinks is good, and I doubt it's a post-Senate payday; he's just not that kind of guy. He is often on the wrong side of coal and environmental issues because he identifies with people in Appalachia, but I can't think of how that would apply to oil.
Obama should show some guts and propose eliminating ALL tax breaks and subsidies for corporations, including the solar and wind fatcats.
As it stands now, he will simply be pegged as a hypocrite.
It must be nice, receiving 80% of your home and vehicle's electricity from renewables such as wind/solar/algae/geothermal/biofuel instead of extracted coal, oil, or natural gas.
Tell me: How DO you do it?
President Obama is a hypocrite. The oil companies are using the exact same loop holes that GE is using, but when it isn't a friend to Obama its call subsidies but when they are a Friend to Obama it goes un-noticed.
The Oil companies are not getting any money form the government they are using LEAGAL loop holes to keep their own money.
I do want the loop holes for all big biz to be closed. Hey funny thing about the Ryan plan is that he has proposed exactly that, and the Obama admin has proposed higher taxes for the rich but has added additional loop hole. I say make them all pay equally.
Wow...congratulations...there isn't a single true statement in your post...brava.
dmd - Ryan plan does NOT want to close loopholes for the oil industry. In fact, it add trillions to the debt with more giveaways to wealthy and corporations. Ryan has been asked repeatedly how he will pay for this (other than by raising taxes on poor/middle class), and he can't/won't answer.
Fiscal responsibilities belong to the legislators. What is why nothing gets passed.
Landrieu should be ashamed after what BP did to the La coast!
Amazing, I hope people remember this come November.
Sadly... sheepeople have limited memories !
Notice how easy it is for big oil to use their financial strong arm (sorry I meant persuasion) to protect their financial subsidies.
Free speech! = the right for wealth to own government
Not to worry! If more votes had been needed to protect big oil, more of the corporately owned democrap senators would have joined Begich, Landrieu, Nelson and Webb.
For democrats to have a filibuster proof senate, they will need at least 70 senators who are part of their caucus. Any way you count it, there are at least 11 or 12 current DLC/DINO/Repuke-Lite/Corporately Owned Dumbocrap senators who will take turns voting with the repukes to protect the wealthy.
The U.S. Senate is a horribly disfunctional branch that is in need of changes beyond what is feasible this fall. Obama will continue into his next term crippled by the senate, even if the dems retake the house.
It is way past time for the supposed leaders of the dumbocrap party (state and national) to stop supporting the repuke-lite politicians who pretend to be democrats.
You certainly like calling names. Is that the best the repukes, see we can do it to, can come up with? OH, forgot, they're good at lies and spins. Forgot the hate spewing.
DINOs Mark Begich (Alaska), Mary Landrieu (La.), Ben Nelson (Neb.) and Jim Webb (Va.) - Glad that Nelson and Webb won't be returning - hopefully we can get actual Democrats in office. I'm hoping that Nebraska surprises everyone and votes for a Democrat so that they don't get the worst part of the Keystone pipeline.
When people are paying through their noses for gasoline and oil companies report massive profits, I hope they remember their tax dollars are making their profits possible!
Was it me or did the President not mention the phrase "natural gas" once in this 8 minute speech? He mentioned it in his State of the Union address to the utter frustration of most environmentalists. He listed "alternative sources" of energy two times and never said "natural gas" once. Perhaps he has finally begun to read the literature and latest studies which indicate the many devastating effects of fracking on ground water, etc
Olympia, how we are going to miss you leading the way for our great State of Maine.
It would be nice if Exxon Mobil stopped advertising on the Maddow blog...
yeah i kinda noticed that! :P
Was it me or did the President not mention the phrase "natural gas" once in this 8 minute speech? He mentioned it in his State of the Union address to the utter frustration of most environmentalists. He listed "alternative sources" of energy two times and never said "natural gas." Perhaps he has finally begun to read the literature and latest studies which indicate the many devastating effects of fracking on ground water, etc
Why do you accept their advertizing dollars? Hippocritical at best. You will get flees. Sick of Oil companies buying people, Supreme Courts, the GOP, Boehner, McConnell and polluting and getting massively wealthy. 4 million dollars a minute for every 1 cent increase. The Republicans have sold us out.
Where can i find explanations by legislators for votes against this? I just want to know why and how this is justified in their minds. Preferably out of one side of their mouth at a time. What do i google first? Thanks.
and that exxon ad is creepy.
We need to spend less. This is corporate welfare. We should only collect what we need to run the government and spend it on that not transferring wealth and benefits from one to another.
Love the way people say Obama should do this or that when this whole thing shows no matter what he would like to do the senate and the house will not go along. Our government is broken plain and simple and too many citizens don't notice or don't care because they keep voting the same type of person into office.
The idea that Republicans are helping the rich and the oil companies is a message that can be used in every state. It is part of the Occupy movement message. This concept works with middle class voters who want to see fairness in taxes.
Regarding the supermajority needed in the Senate, the Dems need to make it clear to Republicans that what they are doing now will be returned in kind so that the next Republican president and Senate will find their hands tied. The Republicans should not be allowed to get a free pass on this conduct and benefit from stopping all laws and legislation. Dems should not roll over on this issue.
So now when gas prices continue to rise are they still going to blame President Obama? Well yes certainly they are. It is odd that each year they show huge profits that continue to go up and gas prices do as well.
Instead of calling for the end of tax subsidies to just one industry, the government should be arguing to eliminate tax subsidies in general. While it failed to pass in the House today, the most sensible plan that removes these economic distortions is the Bowles Simpson plan. http://bit.ly/noTDPF
When are we going to start cutting entitlement programs for billionaires?
Republicans are just nearing completion of a how to book called General elections: How to win them
I don't think it will make a top seller list anytime soon