Mike Conaway: “In the next couple of days, the House is scheduled to vote on a bill called the American Jobs and Closing Tax Loopholes…”

“In the next couple of days, the House is scheduled to vote on a bill called the American Jobs and Closing Tax Loopholes Act. Yet, for all of its parts, the bill fails to address the largest loophole of all--the double-spending loophole. Last week, it was reported that the majority plans to fund a new billion dollar summer jobs program with revenue from a tax increase on each barrel of oil. One problem: the revenue they're counting on has already been promised to the Oil Spill Liability Trust Fund to cover the estimated $14 billion in damages on our Gulf Coast. Madam Speaker, you don't need to be a CPA to know that you cannot spend the same dollar twice. Yet, just like the health care bill, the majority is again spending revenue that has already been committed to other programs. Using this deception is wrong, and it further inflames the distrust of the American people for our institution. The first loophole we ought to be closing is the double-spending loophole.”