From TALKING POINTS MEMO:
Democrats are pushing hard on ending tax breaks for oil companies, linking the issue to the deficit and high gas prices, which have boosted profits in the industry to new heights.
In a floor speech on Tuesday, Majority Leader Harry Reid (D-NV) said the Senate would target $4 billion in benefits for oil companies with the intention of using the savings to help address the nation’s growing debt.
“If we’re serious about reducing the deficit, this is an easy place to start,” Reid said. “It’s a no-brainer. Let’s use the savings from these taxpayer giveaways to drive down the deficit, not drive up oil company profits.”