Economy

House Democrats take aim at oil and gas subsidies

by Vicki Needham - 10/17/11 3:46 PM ET

The White House included the cut to oil subsidies as part of a way to pay for its $447 billion jobs plan and estimated $41 billion in savings over a decade.

The supercommittee is tasked with finding at least $1.2 trillion in savings by its Nov. 23 deadline — though Doug Elmendorf, director of the Congressional Budget Office told lawmakers his group will need a plan around late October in order to provide a score.

Last week, Welch wrote a similar letter to the supercommittee to adopt his Medicare Part D price-negotiation bill, which would require the secretary of Health and Human Services to negotiate prescription drug prices on behalf of Medicare Part D beneficiaries.

That change would “significantly lower the cost of prescription drugs for seniors and save up to $156 billion in the next decade.”

Combined, the proposals amount to $280 billion in savings, about 19 percent of the panel’s goal.

Welch and Blumenauer – members of the House Sustainable Energy and Environment Coalition – were joined in signing the letter by Reps. Raul Grijalva (D-Ariz.), Lois Capps (D-Calif.), Gwen Moore (D-Wis.), Maurice Hinchey (D-N.Y.), Lucille Roybal-Allard (D-Calif.), Jim McGovern (D-Mass.), John Lewis (D-Ga.), Jesse Jackson Jr. (D-Ill.), Mazie Hirono (D-Hawaii), Paul Tonko (D-N.Y.), John Garamendi (D-Calif.), Louise Slaughter (D-N.Y.), Mike Honda (D-Calif.), Jackie Speier (D-Calif.), John Olver (D-Mass.), Jared Polis (D-Colo.), William Clay (D-Mo.), Alcee Hastings (D-Fla.), Jim Moran (D-Va.), Mike Quigley (D-Ill.), Mike Michaud (D-Maine), Steve Cohen (D-Tenn.), Danny Davis (D-Ill.), Bob Filner (D-Calif.), Jim McDermott (D-Wash.), Jim Langevin (D-R.I.), Judy Chu (D-Calif.), Jim Himes (D-Conn.), Frank Pallone (D-N.J.), David Cicilline (D-R.I.), David Price (D-N.C.), Chellie Pingree (D-Maine), Rush Holt (D-N.J.), Steve Rothman (D-N.J.) and Del. Eleanor Holmes Norton (D-D.C.).

Tags Gwen Moore Jim McDermott Jim Moran John Garamendi Mazie Hirono