Murkowski Favors Bailout for Big Oil, Not for Failing Banks

I thought one of the most audacious political stances I’d seen in many years was the Republican position — dreamed up by GOP  pollster Frank Luntz —  that a tax on big banks was actually a big bank bailout.  Converting a tax to a government bailout was pure political chutzpah, and some sick form of genius.

Now it’s the Democrats’ turn to cry bailout.  Several Democratic Senators — Lautenberg and Menendez from New Jersey, Nelson from Florida — have proposed raising the amount of liability insurance an oil company must carry for spill coverage from $75 million to $10 billion.  Senator Lisa Murkowski (R-Alaska), a huge supporter of oil drilling, has apparently blocked the bill.  She’s  instead proposed charging an additional penny a barrel of oil to provide increased funding for the federal oil spill response fund.    So aren’t the Republicans now in favor of a big bailout for big oil?

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