Political Quotes

“I yield myself the balance of my time. Again, there were several amendments offered in Rules Committee to make this bill better. To help reduce the budget deficit, my colleague, Mr. McGovern, introduced an amendment ending $40 billion in subsidies to the oil and gas industry. As the gentlelady said, that has nothing to do with the price of gas. Getting rid of subsidies to oil companies doesn't make gas more affordable. But the question is: Why are we giving money to oil and gas companies at a time when we have a national deficit? Why don't they pay taxes like every other company? {time} 1310 I was a small businessman before I got here, and the companies that I was involved with had to pay taxes. What I don't understand is why economically a tax subsidy is any different than an expenditure subsidy. And economists across the ideological spectrum would agree corporate welfare is a government giveaway, whether it appears on the tax line or the expenditure line. Specifically, with regard to any tax breaks to the oil and gas industry, Mr. McGovern's amendment, which is, unfortunately, ruled out of order for this bill, would end the section 451 credit for producing oil and gas from marginal wells, the section 43 credit for enhanced oil recovery, the section 263 provision allowing the existing expansion of intangible drilling costs, and a number of other provisions that in effect give oil and gas companies a lower tax rate than other companies in this country.…”