CONGRESSMAN DAN BURTON STATEMENT ON DEMOCRATS’ SO CALLED ENERGY PLAN

(Washington, D.C.) – {Congressman Dan Burton [R-IN-05] issued the following statement today reacting to House Democrats’ proposed energy plan which produces no new energy while also raising taxes. Burton said:

 “This proposed legislation is just more of the same from House Democrats. Not only does their new plan continue to limit production of America’s domestic fuel resources, but it also may end up leaving American consumers worse off. The bill allows offshore drilling, only for States that choose it, no closer than 50 miles from the coastline. That is well past the area where experts say most of our oil can be found. It doesn’t allow states to share in oil and gas proceeds that this new drilling will generate. Why should states allow drilling off their coasts when they have no incentive to do so?

 “To top it all off, the bill raises taxes on large oil and gas companies engaged in domestic energy production by nearly $13.9 billion over 10 years, all to provide tax breaks to the Democrats pet energy projects and products. By raising costs on domestic production, the Democrats are only hampering efforts to expand U.S. energy supplies, ensuring continued dependence on foreign oil and keeping energy prices high for American families. The bill also limits the use of foreign tax credits on the international operations of oil and gas companies, which pushes the overall tax hike in the bill up to $17.7 billion. All those taxes will be pushed on the American people who are already struggling to make ends meet.

 “Democrats also decided to include a $2-billion earmark for New York City as well as $25 million to establish a so-called ‘National Energy Center of Excellence.’ The bill seeks to make Fannie Mae and Freddie Mac green when the problem is they are insolvent. It directs the two financially ailing firms to develop loan products and flexible underwriting guidelines to facilitate a secondary market for energy- and location-efficient mortgages on low- and moderate-income housing. The bill also calls for Fannie and Freddie to facilitate second and junior mortgages for energy-efficiency and renewable energy improvements.

 “This bill is another example of using earmarks to pork up the legislation and I hope the American people are as insulted by this blatant partisanship as I am.

 “I invite my colleagues on both sides of the aisle to join me in my continued fight to bring all Americans real bipartisan energy such as H.R. 6709 and true independence from foreign oil.”

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