Harry Reid’s Jimmy Carter Memorial Act: Senate takes up windfall profits tax; Update: Reid cloture motion falls short, 51-43; Roll call vote added, McCain and Obama skip out
Scroll down for updates…10:07am Eastern: Reid is on the Senate floor whining about GOP obstruction…McConnell: Carter windfall profits tax was a “miserable failure” and would be again…See Ben Lieberman’s legislative analysis of the Dem energy measures here…11:23am Eastern Vote now underway on whether to move forward with S3044…Reid needs 60 votes…11:52am Eastern. Cloture motion fails, 51-43…Roll call vote added below
More gaseous demagoguery will be emitted on the Senate floor today as Harry Reid leads the crusade to impose a Jimmy Carter-era windfall profits tax on oil companies.
Democrat Rep. Maxine Waters has already threatened to nationalize the oil industry.
Here’s Dick Durbin demonizing profits:
With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.
Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.
“The oil companies need to know that there is a limit on how much profit they can take in this economy,” said Sen. Richard Durbin of Illinois, the Senate’s No. 2 Democrat, warning that if energy prices are not reined in “we’re going to find ourselves in a deep recession.”
Some GOP leaders vow they’ll fight:
Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn’t get 60, he likely will pull the bill from the floor.
Only last week, Reid was forced to withdraw a measure aimed at addressing global warming, falling short of the 60 votes needed to advance that legislation…
…Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats’ response and has ridiculed those who “think we can tax our way out of this problem.”
Oil executives, testifying before Congress last month, called the proposed taxes “punitive” and warned that they would discourage domestic oil and gas exploration and production, possibly causing prices to rise instead of fall.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies domestic oil production dropped and imports increased. But Democrats reject the comparison. The Senate proposal would impose a 25 percent tax on profits over what would be determined “reasonable” and would allow oil companies to avoid paying the tax if they invest the money in alternative energy projects or refinery expansion.
Barack Obama supports the new tax and grab scheme.
And McCain? Well, I’ll remind you what he said last month in Charlotte, NC:
Transcript:
MCCAIN: “Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
***
Update: Commenter liberty3:
I have been calling my Congressional representatives all morning about drilling for OUR oil. Decided to call Senator McConnell’s office, since he is the minority leader. I asked to speak to someone on the subject—the young lady who took my call said she would pass along a message. I repeated that I wanted to speak to someone versed in the subject—click…she hung up on me. Wow, didn’t expect that from the minority leaders office…
The dial tone we deserve?
Update 10:12am Eastern. McConnell on the Senate floor pointing out that the Carter windfall profits tax was a “miserable failure…Americans understand supply and demand…” Cites polls showing increasing number of voters who want drilling.
Update 10:25am Eastern. Charles Schumer demagogues Exxon Mobil, pooh-poohs ANWR. Kay Bailey Hutchison calls the Dems’ bill, “pure and simple…pathetic.”
Update 11:52am Eastern. Reid fails. 51-43.
Update 12:43pm Eastern. Here’s the roll call vote.
*Reid voted no in order to bring it back up on the floor at a later time.
Via CNN:
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a “gimmick.”
Record energy prices have led to record profits for oil companies.
The measure failed to achieve the 60 votes required by Senate rules to proceed. The vote was 51-43.
Six Republicans, including three seeking re-election in November, broke ranks to support the bill.
Two Democrats — Sen. Mary Landrieu of oil-producing state Louisiana and Majority Leader Harry Reid, who voted no to be able to bring the measure back to the floor under Senate rules — voted against the measure.
Along with placing a special tax of 25 percent on oil companies, the bill would have permitted lawsuits against the Organization of Petroleum Exporting Countries, the oil-producing cartel, and suspended deposits into the Strategic Petroleum Reserve.
Profits from renewable energy sources would be excluded from the tax.
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Trackbacks
- The Other McCain: The Jimmy Carter Tax
- Senate to Vote on Windfall Profit Tax » The American Mind
- Lump on a Blog » Blog Archive » Oil Prices, Geopolitical Implications, and the Cost of Doing Nothing
- American Street » Blog Archive » Carter Take Two? No Duh!
- Bent Notes » Blog Archive » Why we call them Freedom-Haters - today’s edition
- Shut Up and Drill! | The Sundries Shack
- Republicans Block Fuel Price Increase Proposed by Democrats | Conservative247
- Dem Oil Bill Goes Down « Axis of Right
- McCain: Obama=Carter Second Term : BigMouthFrog
- Which is the better solution? · Altitude
- UrbanGrounds » Blog Archive » The Democrats Want to Steal Profits from Private Businesses
- Media Mythbusters Blog » Blog Archive » Media Bias Roundup - 06/10/08
- EckerNet.Com » Blog Archive » Deep Thoughts With Kevin
- links for 2008-06-11 | FullosseousFlap's Dental Blog
- shyspeak.net · Simple Economics Solves Soaring Gas Prices
- Michelle Malkin » McCain on offshore drilling: For it before he was against it before he was for it again
- Born Again Oil Man: John “spud” McCain–Praise The Lord and Start Drilling « Pronk Palisades
- Cheat Seeking Missiles » Words Obama Should Avoid
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DBNinKY – The problem is that everytime someone brings the subject up, they parrot ‘Gas has doubled since Bush got in office…’
And the dutiful MSM fails to call them on it. So I doubt the American public, most of whom get their news via the MSM know anything about the Dems failure in this.
I prefer Senator Reid when he whines about “minority rights” rather than minority obstructionism. Heh heh…those were the good ol’ days!
He voted no in order to bring the bill back up on the Senate floor at a later time.
It’s a procedural thing.
Power Line is confusing a separate roll call vote on a different bill. That cloture motion also failed.
Via NYT:
I emailed Mel Martinez (I live in St. Pete, Florida) to tell him to quit opposing drilling in the Gulf, that since he has an (R) beside his name, it’s time he acted like one. I wish I hadn’t deleted the response, but he tried to tell me how much he’s tried to get it done, all this legislation he’s sponsored, blah blah blah.
Yeah, right, Mel. I’ve been paying attention. From your own website:
“As our nation’s energy needs continue to grow, natural resources must be examined as alternative forms of energy in order to conserve and meet energy needs. However, the state of Florida must protect its pristine beaches and stand firm that no offshore drilling occurs off Florida’s Gulf of Mexico coastline. Senator Martinez will participate as an active member of the Energy Committee ensuring that Florida’s tourism economy and the beauty of its beaches are preserved.”
In a truly free country, the government has NO right to interfere in the market, favoring or punishing no one. Subsidies, incentives, grants, whatever you call them, IS interference. Protecting arbitrary land and tying up construction of refineries and nuclear plants in bureaucratic red tape and litigation IS interference. Only true free market competition provides the best products at the best price. Period. Our financial and economic problems are a direct result of government interference in the free market. Freddie Mac, Fannie Mae, abandonment of the gold standard, social security, medicare, medicaid, the list goes on and on. People, the New Deal will NEVER work! A 10 trillion dollar deficit – what more proof do we want?
Further: Hoping to mollify Floridians, Sens. Domenici and Bingaman would keep a 100-mile buffer between energy exploration and Florida beaches. That’s not enough for Florida Sens. Mel Martinez (R) and Bill Nelson (D), who want to scale back the size of the lease considerably while pushing the buffer out as far as 260 miles.
Link
All this is politics as usual. The dems don’t mind losing a vote, especially during an election year. If they lose on a bill, they think they have still accomplished their goal by making the voters believe it is the republicans who are to blame for the crisis.
I was on cbsnews.com and happened to wander through some of the comments about this issue. Wow – there are some truly ignorant people out there.
It is apparent that not many Americans really understand economics, capitalism, how government works or even American history.
I hope these are not the ignorant people who go and vote in November because they’ll probably all believe that Obama is actually the Messiah and can save them.
Harry Reid? Isn’t he the guy who declared that we lost the war in Iraq?
So, after the restaurants and impeachment waste of time, we’re on to “nationalizing” the oil companies. Uh, anyone there check the Constitution lately? Yeah, the document you all swore to “uphold and defend”. You can’t do that, if you read it. (True, who cares anymore). And also “windfall profits tax”. Uh, uh. Who is going to pay for it? If you said, “We, the consumers”, go to the head of the class. They have gone totally irrational on Capitol Hill.
Harry Reid opposed his own bill? Reminds me of that other “person” who proposed a draft, then voted against it, and that Kerry guy who voted for funding before he voted against it.
I damn near screamed when I read this statement. I would NEVER have imagined that any Senator in this country would EVER think to make a statement such as this. There is a “limit” on how much money someone or some company can make? EXCUSE ME???? Can someone plese show me where in the Constitution or any other document or law in this country it says that a person or corporation can only make “X” amount of dolars in profit? Where is this law?
THIS is EXACTLY what the Liberals all feel…only on a much larger scale. They feel that no one has the right to be successful, to make more money than anyone else. That anyone who is “rich” needs to, in Hillary Clinton’s own words, “Redistribute the wealth for the greater good”.
In case there are people that read this site that have not studied such things…that statement from Dick Turban and Clinton and others is the very foundation…the basic tenets…OF SOCIALISM and COMMUNISM!!!
And now there is a Senator…the co-Senator of Barak Obama from Illinois…who is now on record as stating that an American Corporation cannot make past a certain amount of money, and that any amount over a random, arbitrary figure decided by the new American Politburo is subject to be ing confiscated by said government.
Frankly, if you ask me, that alone is a statement worth having the person making it thrown bodily from the Senate. It is clear that these people DO NOT have the American way of life in mind, nor the beliefs of the American Constitution and Bill of Rights in mind when they make such statements and subsequent decisions.
Haven’t read through all 200+ comments yet, so forgive me if this has already been raised.
CHINA is doing slant drilling to reach the reserves off the Florida coast. Why aren’t we?? They’re virtually stealing our natural resources because we’ve been taken over by environmentalist crazies. When, not if, they have a *mishap,* who do you suppose is going to have to clean it up? Does anyone really think the Chinese will take responsibility and bear the cost? Only insofar as it benefits them. Does anyone REALLY think the Chinese (Cubans, Nigerians, Indians, etc etc etc) will do a better job of drilling in an environmentally friendly fashion? Do these foreign governments care about doing so? Do they even KNOW HOW to drill in an environmentally friendly fashion? Just exactly who are the Democrats working for, anyway? Certainly isn’t the American citizen!
Liberals feel that no-one has the right to be successful and to make more money. That’s true, RetFireman. However, it is also true that they are exempt from that. You see with socialism, only the liberal elite can do what they want. Everyone else must do as they say. I wonder how much Durbin locks away as “profit” every year? Under communism, one can still get very rich…just join the party, avoid the purges, and “kiss” the right people.
Ret Fireman #204, perhaps we should limit Dick Durbin’s income. Cap his speaking fees, perks as well as salary.
I say Congress Critters make too much $$
I think we should limit the millionaires that come out of Congress!
Good advice, O-Cajun. Folks who take everything personally tend to go off the deep end usually get the official boot out the door.
Our “job” here is to comment on topics, not attack others in some kind of childish game. We are guests of Michelle’s, discussing and intelligently debating here in her house.
(And this type of stuff is pushing the paranoid envelope – (#182) “I really wish that the people who oversee this site can keep track of IP addresses and look for any sign of fraud, such as a computer in a dnc office, or anything else that can expose what is going on here.”)
As to the topic at hand; someone mentioned it above, but it bears repeating and the GOP should be pushing it hard: from Newt’s American Solutions -
Drill Here, Drill Now, Pay Less
I’m not sure, but I believe those “rights” were sold to China, dtb.
Someone can correct me on that either way.
Even if it’s so, it is as you said; it’s only because the enviro-nuts have been calling the shots and not allowing America access to her own resources.
Holy smokes! I didn’t even read the whole of his post to catch that PurplePeep!
So now we are DNC plants? Because we can’t stand McCain and refuse to tow the party line we are DNC plants? Wrong-tracked pehaps Wise man?
Since MM posted that yesterday and expressed dismay at being called wrong-tracked, do you think MM is a DNC plant?
LOL Gaaaaaa… you’ve gone over the edge even for you.
Yet another example of Dem logic I can’t really understand. How should there be a limit to “profits?” Does this sentiment extend to the private citizen? Oh, yes, I’m sorry, that’s right it’s the income tax….
Yet, no one seems to be concerned that we’re beholden to oil rich countries like Saudia Arabia and Venezuela. Yikees! No, no… don’t drill, that would anger our Dems’ environut enablers. How is a windfall profits tax good for jobs, the economy, or the country? Isn’t such a sentiment anti-capitalist, anti-Democratic?
Yes, it was okay for states like Grassley’s Iowa to profit off of bio fuel and make obscene profits but nobody’s asking for a windfall tax for them. Nope, the Farm Bill saw to that. Yep, it’s more a scenario of Dems pleasing their various lobby groups yet failing to realize that such will not bring down oil prices but will bring down our economy.
Nope, I see that Democrats always putting themselves before the country. They’re determined to force change… eliminate gas usage of any kind until no American worker will have a vehicle to transport them to work or to get food.
Yep, that’s change we can believe in!
What frustrates me is that people actually believe in this socialist communist crap and vote for the Dems. I’ve read the liberal blogs and these people whine about how Republicans are all about making more money for the rich and hurting the little people. Yet they’ll still vote for and worship Dems like Obama and Clinton – who have tons of money. They’ll vote for people who want to increase taxes and spend more money on wasteful programs.
Do these people actually not know where the money comes from? Hello – taxpayer pockets! I swear, some Americans are so completely clueless. Did they sleep through school or are schools not teaching?
The went to public
schoolsindoctrination centers and the answer is both.Thanks for the info, purplepeep. It raises another question…who sold the rights? And what sort of conditions were put on them? Something like that ought to have a very public debate…did I sleep through it? (entirely possible…sometimes I’ve had so much of these *##%&&&@) politicians I just have to stay away from it all for a while).
You know, I’m really not loving the whole khan vs. wiseman discussion. Do you two, as fellow conservatives, have any useful ideas besides personal invective?
Khan: give it a break. Yes, we know you don’t like McCain. Many on this blog don’t like him as a candidate. Our lovely hostess doesn’t appreciate his ignorance either. I don’t like many of his stances. I didn’t vote for him as a candidate. He certainly wasn’t my pick.
Wise Man: I know you feel strongly about McCain. He’s the “butress” who can stem the Dem tide. Perhaps, perhaps not. While, I, too, am disappointed with some comments on here about McCain (and I do support him) either engage khan on McCain’s positives or don’t
I don’t like either presidential candidate. This is gonna be one sucky election. I have a lot at stake, as does terrig, which is our husbands are in the military and we both already know how “lovingly” Obummer will treat them.
Again, Wise Man, I know where you’re coming from but you, I, and others who support McCain realize that there are Conservtives who will never reconcile to voting for McCain. That is due, I personally feel, to McCain’s inadequacies.
Khan: Okay, you disagree about McCain. I get it. Don’t vote for him. We’ll have to agree to disagree.
Great Post. Boy am I sad Newt got blocked from Running.
Jenmom #212:
I hear ya. As a former teacher in the public school “utopia,” I’ve had to wake up many students, even during exams (if you can imagine that)!
I think many Americans, for all their verbal support of education, just give it lip service. Given how low performing public schools have become, many Americans would rather tolerate that then demand something better or think of an alternative.
Given the rate of economic illiteracy, how many Americans “misread” or didn’t read their mortgage paperwork (or illegal aliens), I think some Americans aren’t even capable of understanding basic, economic thought like supply vs. demand. It pains me to say this, as a teacher myself. Yet, there is so much complacency in our country. No one blinks an eye that we can’t even compete with European schools or Japan…we’re not even in the top 10 of schools worldwide. Nope… if Americans give such a thing a passing thought, they’ll say it’s disappointing, what do ya do sorta thing.
Then there are the Americans who become specialists after graduating from college, but fail to continue to educate themselves throughout life. I have a liberal sister-in-law, a social worker, and she votes Dem every time so that they can ensure gun control. No joke.
Yep…if Americans actually studied Social Studies (that’s my background) perhaps they’d be a little wiser about things such as connections, politics, and the history of things like the windfall tax.
I may or may not vote for John McCain. He’s running an awful campaign. He’d better stop “dog paddling” as Bill Cristol has accused him of doing, and start fighting for the presidency (and wise up on immigration and oil just for starters). People like khan may convince me yet to vote for Bob Barr.
Who woulda thunk that, huh?
So, what is Clintons excuse for not voting? still crying in her soup? or avoiding bill collectors?
The natural solution to a shortage is to expand supply. The Democrats do not want to solve this problem. They don’t care what happens to Americans because they are too busy caring about themselves… besides, they are the ruling ultra-wealthy-elite (together with the RINOs) and have no concern about the cost of anything – including energy.
Our nation is making the largest buttocks of ourselves to the world: Holding massive oil reserves while begging Arabs to supply more and simultaneously attacking suppliers by additional taxes and other harassment.
Urgent drilling must begin now, continue 24×7 for decades to come. Taxes on all petroleum products should be eliminated as well as the environmental regulations that got us in this bad situation in the first place.
No sleeping on your part, dtb! More a “misspeak” there (as the politicos say) on my part. China got “rights” from Cuba – something US companies couldn’t do because of the Cuba embargo.
After looking around a bit more it seems the waters are really pretty much open to anybody who’s got the will and a drill.
Here’s a 2006 article on this:
China, Cuba reported in Gulf oil partnership
(CNN “U.S. firms stand by, prohibited from bidding on contracts; lawmakers propose opening up U.S. coast for drilling.”)
A current article by George Radanovich, U.S. House of Representatives:
Want lower gas prices? Unshackle those exploring for oil
(Modesto Bee)
Also related to the topic:
The “America-Made Energy Package”, 15 bills that can be checked out at this page on Congressman Nathan Deal’s site -
America-Made Energy
emjem, Bob Barr is against a border fence, so if you’re for a fence, you may want to consider that.
Wise_Man said:
Wow!
I was a teacher in the public schools too – I saw firsthand some serious laziness and how parents made every excuse in the book for their kids. I got tired of it and got out.
But remembering back to my own high school days – we never learned about economics and I think I had a govt class but can’t remember it well. I took an Econ class in college and felt like it was such an important class to take. Who knows what they are teaching in Econ these days though but I remember my prof was a huge fan of capitalism.
Right on, Ret Fireman #204. There is absolutely no regard for, or even understanding of, the Constitution any more. The Founding Fathers would not recognize their country. As bad as the economy is now, can you imagine what it will be like after the election! Sad to say, there’s no recovery from Socialism once it gets accepted. NO recovery.
What are ‘excessive profits’ anyways? Certainly not the less than %10 the Oil companies made. Obama’s profits on his book are probably at least 99%.
absurd thought -
God of the Universe says
profit is EVIL
try to make less money
so government won’t steal it
.
Philosophy of Liberty Cartoon
.
Help Halt Terrorism Today!
.
USpace
On June 10th, 2008 at 9:38 am, khan said:
Not term limits, but the repeal of the 17th. Term limits are a bad idea.
So tell us Dick Turban…who does your taxes? How many loopholes in the Tax Code has your CPA found? Can you stand before God and say that you pay every last dime that you owe to this country? Or do you skim around, hiding a thousand here, socking away a thousand there…
And tell us all, oh Benevolent Liberal Overlords…when was the last time you turned down a raise in what was supposed to be an un-paid position in the Federal Government? Which side of the aisle last requested a pay raise, then voted on it or stuck it into some other piece of legislation that would get a definate “Yes” vote, like money for diseased babies or something like that?
When was the last time you talked to people for free? Write any books? I am sure that you not only paid for all printing and publishing issues out of your own money and the kindness of your black heart, but then turned right around and gave them away for free, because you felt that you already make too much damn money already and there are people out there that do not make equal what you do…like me, for instance.
You worthless hypocrites. Using this oil issue to push your Neo-Soc agenda, when it is YOUR POLICIES AND LAWS which are the direct cause of the high price of oil on the WORLD market as well as what keeps us reliant on foreign oil and processing rather than being allowed to drill our own and enlarge and build new processing plants.
And the Liberal Sheeple are all to stupid…not ignorant…STUPID to know any different than the tripe you spew from under your piggy noses.
When you move into a small, less than 2000 sq/ft rental home, drive yourself in a 5 year old car while making payments and have to deal with what the rest of us have to deal with on a daily basis, maybe THEN we will let you spew your filth. Until then, keep your hypocritical, bigoted, racist, anti-American, anti-Military trap shut or move to Cuba or China.
Oh…wait…they are the ones that are a huge part of the oil prices being what they are…Ooops…there goes YOUR theory on what profits caps can do to fix this.
Jackass
#227:
I think if you repealed the 17th, you’d pretty much ensure term limits in the Senate without formally doing so. You would return the purpose of the Senate and Senators back to how it had been drawn up and instituted by the founding fathers.
If the people wish to elect their Representative, then let them.