Tax Hike or Drill

Wednesday, May 18, 2011 - 9:51am

While gas prices soar, Republicans and Democrats have very different solutions.

"Excuse me if I don't cry for Exxon. Forgive me if I shed no tears for Chevron.I tell you who I shed tears for…my people at home," said California Senator Barbara Boxer.

With much of the country paying 4-dollars a gallon, Democrats say the five biggest oil companies would hardly miss two billion a year in tax breaks.

They made 36 billion in profits earlier this year.

New Jersey Senator Robert Menendez said, "It's time for the big five to do the right thing for a change and pay their fair share."

More than half the Senate wanted to vote on the tax breaks, not enough to bring it to the floor.

The White House called that "disappointing."

Texas Senator John Cornyn said, "I didn't think making money was a crime in America."

Republicans argue if oil companies pay more in taxes, they will move jobs overseas and gas will cost even more.

Oklahoma Senator Tom Coburn said, "Punish the U.S. Congress, punish the Federal Reserve, punish the Executive branch, but don't go after somebody that's gonna create 90,000 new jobs in our country this next year."

The GOP has a different plan, up for a vote today. Expand drilling in Alaska, Virginia and the Gulf.

Texas Senator Kay Bailey Hutchison said, "Let's keep our natural resources working for us."

That is not expected to pass either.

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