- $21 billion saved in bill to cut big oil tax breaks (over 10 years) source
- » Democrats can pretend to fix the deficit, too! Not to be all gloom and doom, obviously — the oil industry is one of the most successful financial conquests in human history, and if anybody doesn’t need drawing on breaks from the government, they don’t. Stripping their very generous tax breaks would be both a practical and moral victory in our current political climate. That said, the attempt by the Democratic Party to paint this as a deficit-buster is just as disingenuous as the Republican effort to say the same about last month’s budget deal, which cut $38 billion in spending long-term. The deficit is around $1.4 trillion for this fiscal year, though, which makes the earlier figures seem limp and anemic. Still, it’ll be a nice day for American priorities if this thing passes.