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A populist assault

07/04/2011
A lingering threat of discriminatory taxation became a full populist assault against the US oil and gas industry last week. Pressure is intense in Washington, DC, to act on federal spending and revenue. The Department of Treasury says Congress must increase the federal debt ceiling by Aug. 2 to keep the nation from defaulting on some obligations. Lawmakers worried about deficit spending won't support the adjustment unless it's accompanied by spending cuts. Others want to raise revenue—by which they mean tax rates. Now, to the eternal peril of the oil and gas industry, President Barack Obama has entered the fray.In a June 29 press conference, Obama said: "If we choose to keep ta...
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