On the recordFebruary 15, 2011
We do believe that reducing our deficit is one of the ways to instill confidence and create jobs. So, Mr. Speaker, I have a proposal for consideration. We give away $4 billion a year in tax breaks to oil companies. Last week, the former CEO of Shell Oil Company said they don't need these tax breaks any more because they would search for the oil anyway; and, by the way, these companies made about a 53 percent profit last year. So here's the proposal I would like to make: Let's do away with the $4 billion in oil company tax breaks. Let's take 80 percent of that money and use it to reduce the deficit, and then let's take the remaining 20 percent of the money and spend it on programs for homeless veterans. There was a report last week that 16 percent of the homeless in our country are veterans of the military service. This is obviously a condition that's a disgrace to our country and should be stopped. So my proposal under this open rule is that I be permitted to offer an amendment that says let's get rid of the tax breaks for the oil companies, put 80 percent of the money to reducing the deficit, and spend the other 20 percent to help the homeless veterans living on the streets of our country.
