The oil industry’s long record of success in defending its tax breaks faces new tests as lawmakers and the White House negotiate to avoid the “fiscal cliff.”
House Speaker John Boehner (R-Ohio) won’t rule out targeting oil-industry deductions in a broad deal to avoid the higher income tax rates and deep automatic spending cuts set to take effect in 2013.
“The details will have to be negotiated. Not going to speculate on what a final package may look like,” Boehner spokesman Kevin Smith told The Hill.
Aides to Democrats including Rep. Sandy Levin (Mich.), the top Democrat on the House Ways and Means Committee, and Sen. Robert Menendez (N.J.) said Monday that they would seek to end oil-industry tax breaks in talks regarding the fiscal cliff.