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Senator Cornyn to Senate Dems: Don’t Raid Oil Spill Trust Fund

“The ruptured BP well has now spilled oil into the Gulf of Mexico for nearly 60 days, and residents of our southern coast are looking to BP officials and this Administration for answers. Unfortunately at a time when the full attention of our government should be devoted to the environmental and economic impacts of the spill, Democrats in the Senate used the disaster as an opportunity to push more reckless, deficit spending. In a broad piece of tax legislation before the Senate, Democrats inserted a provision to raise the tax on energy producers, from $0.08 to $0.41 per barrel of oil produced. Under the Democrats’ plan, the revenue generated would be double-counted; once, to offset the deficit spending included in the bill and second, to add funds to the Oil Spill Liability Trust Fund, which is used to help pay for the clean-up of oil spills. Last week several of my colleagues joined me in highlighting this accounting gimmick, which is the exact type of unseemly game-playing which deservedly gives Washington a bad name these days. I have joined a number of my colleagues in offering an amendment that would ensure any money raised for the Trust Fund will be used as intended – and not to justify more out-of-control Washington spending.” – U.S. Senator John Cornyn

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