Why We Fight

Senate Republicans blocked a proposal today to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America’s anger over $4 a gallon gasoline.

The Democratic energy package would have imposed a tax on any “unreasonable” profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill’s supporters argue has added to the crude oil price surge.

Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year. *

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Barack Obama: “The man who rails against government spending wants to spend $1.2 billion on a tax break for Exxon Mobile. That isn’t just irresponsible, it’s outrageous.”

Barack Obama is referring to John McCain’s economic plan where he hopes to quickly lower corporate taxes should he become President. *

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