WASHINGTON (Reuters) – Senate Republican Leader Mitch McConnell on Sunday rejected a proposal to scale back tax breaks for big oil firms, calling it a political maneuver. Democrats have crafted a bill to scrap certain tax deductions used by the five biggest oil companies, and potentially free up $21 billion over a decade to help ease the budget deficit. Eliminating the tax breaks has been a goal of President Barack Obama and the call by Democratic lawmakers has become louder as gasoline prices have hovered near $4 a gallon.
Republicans for their part are hammering Obama over high gasoline prices, which threaten to slow the economy just as it is beginning to pick up steam.Under pressure over energy costs, Obama announced on Saturday the expansion of domestic oil production in Alaska and the Gulf of Mexico.
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