A Budget Cut I Can Believe in

This is one of the best plans I've seen lately to reduce spending at the federal level: "Today, U.S. Congressman Jim Moran (D-Va), joined Representatives Earl Blumenauer, Ed Markey, John Conyers, Lois Capps, Peter Welch and David Price to introduce legislation to cut the budget by ending roughly $40 billion over five years in wasteful subsidies to the oil industry." The bill is called the Ending Big Oil Subsidies Act.

The sponsor of the bill, Representative Blumenauer reminds us how well the oil industry actually does for itself. He said:

The oil industry is one of the most profitable industries in the world and does not need help from the government. With Congress already discussing painful budget cuts that will require American families to make sacrifices, it is only fair that we also stop the handouts to our richest oil companies. It makes no sense that we are borrowing money from China to subsidize the most profitable industry in the world and corporations like ExxonMobil that earn billions every year. It’s time for us to have a serious, rational discussion about cutting the budget.

From a policy perspective, it just doesn't make much sense to hand out tens of billions of dollars to wealthy corporations while we cut spending from programs that need it. While Americans struggle with unemployment, hunger, and homelessness, why should we continue to subsidize big oil corporations? It will be interesting to see if Republicans will even allow this to come to a vote. I kind of feel like they are going to choose their big business constituents over actually trying to limit spending. I predict they will show that they are actually just budget peacocks.