In a speech at the University of Miami today, President Obama went after the billions in taxpayer handouts that the fossil fuel industry receives each year. Here’s the news from The Hill

The president again took aim at a slew of tax breaks for oil and natural-gas companies, bashing Republicans and oil-state Democrats for opposing bills to eliminate them.

“It’s outrageous. It’s inexcusable,” Obama said. “And every politician who’s been fighting to keep these subsidies in place should explain to the American people why the oil industry needs more of their money. Especially at a time like this.”

The president outlined a plan to cut $39 billion worth of tax breaks during the next decade in his fiscal 2013 budget request. The president echoed the plan in a tax reform framework unveiled by the Treasury Department Wednesday.

In 2012, we’re going after the massive subsidies the fossil fuel industry receives at taxpayer expense. There’s widespread support in the United States — and around the world — for an end to these handouts, but so far, Big Oil and King Coal have been able to bribe politicians into defending them. It’s going to take a grassroots movement to build the political momentum necessary to repeal these ludicrous subsidies and taxbreaks. We’re looking forward to working with you to see what we can stir up in the months ahead. 

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