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Tue May 17, 2011
Vote to end oil subsidies must overcome filibuster
Congress is expected to vote this week on whether to take away 4-billion dollars in subsidies to oil companies.
Oil company executives testified in Washington last week that they need tax subsidies to help them find new, American sources of oil.
Michigan Senator Debbie Stabenow says she doubts that’s the case. She says the subsidies amount to 1% of the companies' profits, and it’s fair to ask them to contribute that amount to paying down the national debt.
Stabenow says the testimony by the leaders of the oil companies shows they are “out of touch."
"Most families are spending as much at the pump now as they’re spending on health care or groceries," Stabenow said at a GM press conference in Flint on Friday. "Trying to get to work now becomes a real hardship."
The bill to end the subsidies has to overcome a Republican-led filibuster, which means it will require a super-majority to pass.