SPENDING CUTS

The House Spending Cuts Bill cuts spending by about $61.5 billion until September was passed by the House of Representatives on a mostly partisan vote of 235-189. The bill would cut domestic programs spending by 14 percent. These cuts affect the lives of middle and lower incomes families disproportionately, when compared to the wealthy. Most of these programs are strong, helpful, vital improvements to the quality of life for the majority of Americans.

This past week, the oil industry reported soaring quarterly profits. Chevron and Exxon recorded quarterly profits of $5.3 billion and $9.25 billion, respectively. Notably missing from the spending cuts bill, are the subsidies received by the oil industry, which range between $133.2 billion and $280.8 billion annually. For example: Federal stimulus funds - $3.4 billion 2009; Domestic manufacturing tax deduction $1.73 billion annual; Accelerated depreciation on equipment $4 billion annual; Worldwide U.S. government subsidies through favorable lending $1.3 billion annual; Credit for production of non-conventional fuels $2 billion annual; Oil and gas exploration and development expensing $1 billion annual; Foreign tax credit $2.2 billion annual; along with 28 other areas, totaling billions of dollars. No cuts for big business!

Carol Rae

Moses Lake