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Lobbyists find new Congress is open for business
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| Parent(s) |
Issue
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| Contributor | Servo |
| Last Edited | Servo Jan 22, 2007 09:38am |
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| Category | News |
| Media | Newspaper - Los Angeles Times |
| News Date | Monday, January 22, 2007 03:00:00 PM UTC0:0 |
| Description | Incoming House Speaker Nancy Pelosi terrified the oil industry late last year when she outlined her priorities for the new Democratic majorities in Congress. Within the first 100 hours, she promised, they would "roll back the multibillion-dollar subsidies for Big Oil."
Last week, however, when Pelosi (D-San Francisco) won House approval of the much-touted bill socking it to the oil companies, it turned out to be considerably less drastic than many in the industry originally feared. Out of an estimated $32 billion in subsidies and tax breaks that the oil companies are scheduled to receive over the next five years, the final House bill cut $5.5 billion.
Democrats are quick to say that even if the high-profile bills contain concessions to business, they still go further than anything passed by the old Republican majorities. Instead of trimming back oil subsidies, for example, the GOP and President Bush expanded tax credits for oil companies, saying they were necessary to encourage domestic production.
Still, as the opening round ended, many business lobbyists expressed relief.
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