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There are a variety matters that have to deal with.
Simple find -- that's good and and being.
Loopholes in subsidies is simply as it as the oil -- gas subsidies a perfect example of this it did.
-- In this time for the oil and gas industry when they've had record profits doesn't make any sense I think that almost any Americans.
That was the white house Press Secretary Jay -- drilling for some tax revenue inside the oil industry and this is power play I'm Chris -- -- thanks very much for being with us today as the White House and congress can try to hammer out a deal to increase the nation's fourteen point three trillion dollar debt ceiling.
One of the places the president's going looking.
That is in oil profits and we are fortunate to have with us today and rather an expert on that topic that senator David -- from the great state.
Senator thanks for being with us today.
Thanks Chris good to be -- Now.
Every time the administration is looking for money they seem to be looking at the oil industry which is a pretty big part of the economy in your home state.
Is there any room where is there any room for agreement on this between you and the White House.
I'm not on this issue I just think.
What they're proposing would be really counterproductive.
We have either the highest for -- the second highest corporate.
Tax rates in the world what they want to do is increase that burden on a bunch but US business.
It's not just oil and gas industry but a bunch of US businesses I think that's crazy particularly as we try to come out of -- recession.
What we should be talking about is what the president's own deficit commission talked about it.
Getting rid of a lot of these loopholes and deductions I agree with that but using that to lower corporate and other factories.
So you're that you might be okay with a broad tax restructuring.
That don't -- across the board but you're not in Sydney anything that is specifically focused at the oil industry of petroleum industry.
Now it should be broad tax reform we should be getting rid of a whole lot of deductions and loopholes and credits but we should be using that revenue to lower.
Overall tax rates particularly corporate tax rates to make our businesses competitive.
While the way that will produce revenue.
Now pledges Jack and operates but because it'll produce growth.
Revenue does need to be part of the solution but we need revenue through economic growth -- -- tax -- So as we watch from the outside about how these negotiations over tax -- and entitlement cuts -- it can be very confusing you're inside.
Are we closer are we getting closer to some sort of a deal on this do you feel anymore confident today than you did before.
Now unfortunately I feel less confident and say two weeks ago because I think.
Over that's on the White House is really -- in on the notion of increasing taxes.
In a major way tax heights again not more revenues for growth.
But just jacking operates on a bunch of people.
That's not gonna pass congress because it would be very.
-- -- her -- -- -- -- come out of the worst recession since the Great Depression.
Now one of the things.
That that you have additional expertise -- as -- release petroleum is an extra.
-- strategic petroleum reserve.
Which uses some 700 million barrels of oil almost 800 million barrels of oil.
This stored in old salt -- around the gulf including in your -- state.
The president tries look releasing a million barrels a day.
From the strategic ore reserve in an effort to bring down fuel prices.
-- is this a good idea.
I don't think it is for us the strategic petroleum reserve is supposed to be about just that strategic.
Issues and national emergencies.
And I think we should keep it for that.
Not just to try to manipulate prices -- key prizes -- the pump anymore than anybody particularly in the summer.
My -- on a summer vacation right now up here nobody likes those prices but we should attack them.
Not -- Using -- strategic petroleum reserve which is supposed to be.
But at least the president has discovered the supply and demand curves at least he's admitting that increasing supplies.
Is important how we should bring that same lesson.
Increasing domestic supply because we can dramatically increased domestic supply here.
If we put people back to work in the gulf open up access our own.
Oil and gas resources.
No you untangle that issues the folks at home a little bit the administration touts.
The amount of drilling this have been undertaken.
During the president's term in office we hear from people in the petroleum industry that did they're not getting what they want.
It seems like everybody's talking past each other what's the reality on the ground or in the water in the gulf when it comes to new exploration.
The reality is that under President Obama we're gonna be producing eighty million barrels a year -- domestically.
Then we would have under previous policies so we're going backwards in terms of producing energy here at home eighty.
Million barrels last that's compared to his release of thirty million barrels.
From the strategic petroleum reserve so if he would just go back to all policy terms energy production would be having two and a half times the impact.
On supply and on price.
And now senator before -- ago.
I need to know what's going on today.
In the senate -- in regard to the -- war and war powers resolution.
This is turned into and real difficult situations folks on the foreign relations committee right now are -- -- with -- coach who that a top lawyer for the State Department -- where is this get where's this going are are you are you comfortable that some resolution can be reached here we've edited some kind of constitutional crisis.
Are a lot of different opinions in the senate and the house among conservatives and among Republicans.
One thing I think is perfectly clear -- up almost everybody.
That a full debate and a vote in congress is long long overdue.
The president brought us to war in Libya and we still have not had a full debate and vote in congress that's way over do we need to have that man.
Well senator we appreciate you telling them to get to go catch up with the family vacations and -- have my guest stars have a great --
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