October 1, 2014

Democrats Propose New Oil Tax, But What Would It Pay For?

June 9, 2010
McClatchy Newspapers

Excerpt

The Republican objection that Democrats want to be able to use money in the oil fund to offset new spending in other areas is "double counting," said Josh Gordon, the policy director for the Concord Coalition, a bipartisan budget research group. "So that is certainly true and a valid criticism."

However, he added, "this is what happens all of the time with dedicated revenue sources and the vast population of federal budget trust funds, because there is no mechanism for the Treasury to actually save the money for future spills."