(Washington, D.C.) –
Today, U.S. Senator Patty Murray (D-WA) spoke on the Senate floor to once again
urge her colleagues to support the Close Big Oil Tax Loopholes Act, which would
have forced the biggest oil companies to give up the $2 billion a year in
wasteful taxpayer-funded subsidies they currently receive. Murray voted to
proceed on the legislation, but it was blocked by Senate Republicans on a 52-48
vote (60 votes were required).
Key excerpts from
Senator Murray’s speech today:
“…budgets
are about more than numbers on a page. They are about our priorities and
our values as a nation. So I think that before we cut spending in areas that
will impact middle class families and the most vulnerable among us, we should
focus on cutting out the wasteful subsidies to huge companies that don’t need
it. And that’s exactly what this bill does.”
“I
really think this gets to a major difference in philosophy between the two
parties here today. Democrats are fighting to rein in the deficit by
ending the wasteful subsidies that the biggest oil companies are getting from
the American taxpayer. While Republicans are fighting to cripple the agency
charged with protecting middle class families from being ripped off and preyed
upon.”
“I
urge my colleagues to support this legislation today. To put taxpayers and the
middle class ahead of big oil, to end the wasteful giveaways to oil companies,
and to use that money to pay down the deficit in a responsible way.”
The
full text of Senator Murray speech follows:
“Mr.
President, once again I come to the floor to urge my colleagues to support the
Close Big Oil Tax Loopholes Act. And to be honest, I am disappointed that this
is facing so much opposition.
“All
across the country, people are talking about ways to rein in the debt and
deficit. And here in Washington, D.C. we are having a vigorous debate
about the best ways to do that.
“I
happen to think that we should cut spending responsibly, while continuing to
make the investments we need to grow the economy and create jobs for middle
class workers, while Republicans seem to favor a slash and burn approach that
would devastate seniors and the middle class.
“So
there are some difficult issues we need to work through, but Mr. President, this
is one area that should be easy.
“This
legislation says that the biggest oil companies in the country should stop
getting subsidies from American taxpayers. It says that the 2 billion dollars a
year we send to these hugely profitable companies should instead be used to pay
down the deficit. And Mr. President, I don’t understand why this seems to
be so controversial.
“The
big oil companies are already making billions of dollars in profits from
families in America who are paying sky-high prices at the pump. In fact,
the five biggest oil companies have made nearly a trillion dollars in profits
in the last decade, and 36 billion dollars profit in the first three months of
this year alone.
“But
it’s not enough that they are making money hand over fist from families paying
sky-high prices at the pump, they then come here before Congress and make the
outlandish claim that they also need to be subsidized by the taxpayers.
“It
just doesn’t make any sense. And it needs to end.
“Because Mr. President, budgets are about more than numbers on a page. They are
about our priorities and our values as a nation.
“So
I think that before we cut spending in areas that will impact middle class
families and the most vulnerable among us, we should focus on cutting out the
wasteful subsidies to huge companies that don’t need it. And that’s exactly
what this bill does.
“Mr.
President, I also want to spend a minute talking about the high prices families
across the country have been paying for gas.
“I
was recently back in my home state of Washington with Senator Cantwell, and we
had the opportunity to meet with some local small business owners to talk about
the impact the skyrocketing prices of oil and gas were having on their
businesses.
“And Mr. President, they are hurting.
“These
small business owners are already struggling to keep their doors open in these
tough economic times, and every time prices go up at the pump, they are pushed
one step closer to the edge.
“That’s
why I believe that as a country, we need to move away from our dependence on
foreign oil, and toward a clean-energy future.
“And
it’s why I’ve called for a crackdown on the speculation that is a part of what
pushes gas prices up, and why I am so disappointed that the House Republicans’
budget proposal slashed funding for the Commodity Futures Trading Commission,
the very agency charged with protecting consumers from excessive speculation in
these markets.
“And Mr. President—I really think this gets to a major difference in philosophy
between the two parties here today.
“Democrats
are fighting to rein in the deficit by ending the wasteful subsidies that the
biggest oil companies are getting from the American taxpayer.
“While
Republicans are fighting to cripple the agency charged with protecting middle
class families from being ripped off and preyed upon.
“Again,
these are two very different approaches to tackling the deficit. And I am going
to keep fighting to make sure middle class families are protected.
“So Mr. President, I urge my colleagues to support this legislation today.
“To
put taxpayers and the middle class ahead of big oil, to end the wasteful
giveaways to oil companies, and to use that money to pay down the deficit in a
responsible way.
“Once
again, I want to thank Senators Menendez, McCaskill, Tester, and Brown for
their great work on this issue And I truly hope we can put this issue to rest
and save taxpayers 21 billion dollars over the next 10 years.
“Thank
you. I yield the floor.”
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