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'Five Guys' Consider Ending Tax Breaks for Oil and Gas

An end to oil and tax breaks is among the proposals currently being floated by the group of five bi-partisan lawmakers working on a plan to reduce the federal deficit. Believing they are close to finalizing a debt-reduction plan, the group, known as the "Five Guys" or the "Gang of Five" (down one from the "Gang of Six" after Sen. Tom Coburn (R. Okla) defected from the group last month) yesterday briefed 18 other Senators on their progress. According to The Hill, Sen. Saxby Chambliss (R. Ga.), said that the group had neared agreement on $4.7 trillion in spending cuts over 10 years.

Rep. Chris Van Hollen (D., Md.), one of two House Democrats in the talks, reported that ending tax breaks for major oil and gas companies was on the table as one of many proposals to increase federal revenues.


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