[Congressional Record (Bound Edition), Volume 157 (2011), Part 5]
[Senate]
[Page 6886]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE DEFICIT

  Mr. SCHUMER. Now, let me speak to the issue I came here to speak 
about, which is the deficit.
  Speaker Boehner was in my hometown of New York City last night, and 
he talked about how important it is to get a handle on this deficit. On 
that issue, my colleagues on this side of the aisle and I certainly 
have no problem. Neither does President Obama. The President has 
proposed $4 trillion in cuts--a huge amount of cutting, $4 trillion--to 
close the deficit both on the spending side and the tax side. So anyone 
who thinks one side wants to cut the deficit and the other does not has 
not looked at the facts. But, obviously, we have to come together.
  If each side sticks to its own position, nothing will happen. There 
should be one obvious place where Speaker Boehner and his colleagues 
can show some goodwill; that is, on these subsidies to big oil. No one 
can defend them--no one. Oil companies are making record profits. Gas 
prices are at an all-time or close to an all-time high, and we, the 
taxpayers, are continuing to subsidize the five big oil companies.
  You could not write a more ridiculous scenario. Senator Menendez, 
along with Senators Brown and McCaskill, later today will introduce 
legislation that our side agrees with, which will say take all that 
money and put it to deficit reduction. There are some who would have 
preferred to put the money into encouraging independence from 
particularly foreign oil. But because the deficit is such a huge 
problem and because we might have a dispute with our friends on the 
other side as to where the money ought to go, everybody can agree it 
would be worthwhile to take a little bit of the burden off of the 
taxpayers, have the oil companies pay their fair share, and stop these 
ridiculous tax breaks and subsidies to the five big oil companies.
  So I ask Speaker Boehner to show some good faith. Some on his side 
have already said these subsidies don't belong. They were created at a 
time when oil was $17 a barrel, when we worried about production here. 
Oil was hovering at just over $100 a barrel again yesterday. You don't 
have to worry about their desire to explore. They are looking every 
place they can. They don't have to have a subsidy to do it.
  Some might argue: What about the small and middle-size companies? 
Many of us believe they too should not get the tax breaks. But this 
bill Senator Menendez will be introducing shortly doesn't even touch 
them--just the five big oil companies and just the tax breaks they now 
get. Why not? It is a perfect way to start this debate and show some 
good will.
  Democrats have agreed to cuts--lots of cuts. People on the other side 
of the aisle can show some agreement on revenues. This area of 
revenues, which almost nobody can dispute, should not be there. So the 
time to repeal these giveaways is now. We would most prefer to do it in 
a bipartisan way. Speaker Boehner, and those on his side of the aisle, 
can show some good faith that they are not dug in and saying that only 
my way will lead to the kind of scenario that many tremble at, which is 
the debt ceiling not being approved.
  We on this side of the aisle don't believe that should happen. Many 
on the other side have said they don't. The first good step that could 
be taken on the other side to show little give is to eliminate these 
big tax subsidies to big oil. I urge my colleagues to support it. I 
urge Speaker Boehner to pivot on his speech from yesterday and support 
this proposal. It would create a great deal of good will and put us in 
the direction of reducing the deficit that we all so much want to do.
  I yield the floor and suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. INHOFE. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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