Pete Domenici: “I rise today to oppose the Baucus amendment and urge my colleagues to vote against cloture. There are only two things…”

“I rise today to oppose the Baucus amendment and urge my colleagues to vote against cloture. There are only two things wrong with the Baucus amendment: One, it raises taxes in the wrong places; and, secondly, it spends these taxes on the wrong policies. I want to make two points upfront before I start my remarks. When we speak of American big oil, let me remind people that America's five big oil companies hold less reserves than Hugo Chavez, the state-owned company of Hugo Chavez in his country. My second point is, very seldom does the United States tax businesses that are in competition overseas. Let me repeat that. We in America hardly ever tax American businesses that are in competition overseas. Of course, that is exactly what we have done here, and what is going to happen is not going to be good. It is not going to help the American consumer one bit. I cast this vote, and I think it is an informed vote based on my experience. It is with a deep sense of responsibility to do what is right, with a keen interest and understanding of energy policy, because I have been forced to work on it with many who know a lot about it. With a real appreciation of the importance of this vote, I will oppose cloture.”