In his weekly radio and Internet address, Obama says the "tax giveaways aren't right," especially as gasoline prices soar toward $4 and company profits soar along with them. He says that adds up to "real pain" for American families.
But Republicans say ending those tax breaks would be a mistake. In the party's weekly address, first-term Oklahoma Congressman Jim Lankford says rather than punishing oil companies, Obama's plan will "hurt the everyday consumer of energy" and put millions of jobs at risk.
Obama has been sparring with congressional Republicans over the skyrocketing cost of gasoline, which has topped $4 a gallon in some regions of the country, more than $1 dollar higher than a year ago. The rising prices have contributed to a slowdown in economic growth and have hurt Obama's public approval ratings.
