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Obama: Saving oil tax breaks puts funds for education, research and Medicare at risk

29 Jun 2011  |   Emma Brown

Tags: Congress, Administration

President Obama presented Congress with an obvious choice Wednesdayduring a White House Press Conference: unless we eliminate oil tax breaks, funds for Medicare, education, research, and other vital programs may get cut in order reduce the federal deficit. 

President Obama stated:

“If we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and gas companies that are making hundreds of billions of dollars, then that means we've got to cut some kids off from getting a college scholarship, that means we've got to stop funding certain grants for medical research, that means that food safety may be compromised, that means that Medicare has to bear a greater part of the burden.”

Lawmakers have until August 2 to raise the debt ceiling or risk default.

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