Bachmann Backs Plan to Save Taxpayers Billions in Bail-Out
Plan would also create countless jobs, lower the price of gas, and promote energy independence
Washington, D.C.,
Sep 23, 2008 -
Congresswoman Michele Bachmann joined her colleagues urging the President to help offset the cost of the proposed $700 billion financial services bail-out by opening now-closed federal lands for energy exploration. The plan would save the taxpayers hundreds of billions of dollars while paving the road to energy independence.
“Secretary Paulson has asked for another $700 billion to buy-up Wall Street’s toxic debts. When added to previously approved bail-outs, we’re looking at $1.5 trillion being shifted to today and tomorrow’s taxpayers. Congress has a moral duty to look at every possible way to offset the cost. By opening ANWR and the Outer Continental Shelf for drilling, Congress will lighten taxpayers’ load by hundreds of billions of dollars, create countless jobs – thus strengthening the economy – and lower the price of gas for all Americans. With an economy in trouble, and debt piling up by the trillion, we cannot afford to lock-up these invaluable resources a moment longer.”
The Congresswoman signed a letter to President Bush, written by the Ranking Republican on the House Energy and Commerce Committee, Joe Barton, outlining the plan’s basics. Here is an excerpt:
"As we work to strengthen our markets through an assistance package, we should also offset some of the liability, without raising taxes. This package should contain some means to pay at least part of the cost of rescuing these financial giants, and do it without asking the taxpayers to shoulder a burden which is, after all, not their responsibility. We therefore encourage you to include legislative language that would open up ANWR to leasing, along with the Outer Continental Shelf of the Eastern Gulf.
The Congressional Research Service reports that in ANWR alone, if producers were able to recover 10.3 billion barrels of oil over the life of the properties - with prices at $125/barrel - the federal government could collect $191 billion in revenues over the production period, estimated to be at least 30 years once production commences.
Allowing lease sales in these areas, will not only increase revenue to the Treasury through royalties and corporate income taxes, but will also improve our energy security...."
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