Responding to the massive BP oil spill, Congress is getting ready to quadruple—to 32 cents a barrel—a tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade.
Just as with ObamaCare, the proposal is slopped together--and actually pays for Unemployment Compensation extensions.
The U.S. Chamber of Commerce said the tax increase was hastily put together, without adequate study, to help pay for an unrelated bill. The tax increase was unveiled Thursday, without any congressional hearings to study its impact.
Even with the tax increases, the bill is projected to add $134 billion to the federal budget deficit.
"I have seen no analysis on how this would impact energy security, how this would impact domestic production, how this would impact the overall economics in the country," said Christopher Guith, vice president of the chamber's energy institute. "There hasn't been any sort of deliberation on this."Assuming that it's necessary, it's not likely that this bunch of dogs and field-muffins in Congress will do it right anyway.