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"America is swimming in debt, and oil companies are swimming in profits, yet Republicans continue to defend giving these companies special tax breaks that could help reduce the deficit if they were repealed," Rep. Ed Markey (D-Mass.), ranking member of the House Natural Resources Committee, said in a statement. "Instead of asking seniors for a cut in Medicare or Social Security, it's time for the oil companies to do their part and contribute to solving our debt crisis."
"...oil industry advocates say the profits are crucial to prolong investment in domestic energy production. "
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