Senate Democrats are looking to bring to the floor next week a plan to strike billions of dollars in annual tax incentives for the five biggest oil companies.
“That’s what we’re thinking,” a Senate Democratic leadership aide told POLITICO Thursday evening, adding there won’t likely be a vote on the measure next week.
Finance Committee Chairman Max Baucus (D-Mont.) will also hold a hearing next Thursday on gas prices and oil tax incentives for the biggest oil companies — including ExxonMobil, BP, Chevron, Shell and ConocoPhillips.
Many Republicans — and some Democrats — have viewed the idea of singling out even the biggest and most profitable oil and gas companies with, at best, a skeptical eye. It is unclear whether chances would improve if the money were diverted solely for reducing the debt, a hot topic on Capitol Hill.