With legislation to raise the minimum wage failing to bring those Americans reliant upon it up to the poverty level, the Democratic agenda has been sprinkled with success and failure for the American people. After their recent passage of legislation, which is designed to end subsidies and tax deductions for oil and gas companies, House Democrats brought their 100-hour agenda to a close in only 42 hours, less than half the time limit they gave themselves. Thirty-six Republicans supported the bill to end oil subsidies. However, the bill must still pass the Senate, which is expected to move slower and face a possible veto by Bush.

The legislation would impose a “conservation fee” on oil and gas taken from deep waters of the Gulf of Mexico; scrap nearly $6 billion worth of oil industry tax breaks enacted by Congress in recent years; and seek to recoup royalties lost to the government because of an Interior Department error in leases issued in the late 1990s.

Democrats said the legislation could produce as much as $15 billion in revenue. Most of that money would pay to promote renewable fuels such as solar and wind power, alternative fuels including ethanol and biodiesel and incentives for conservation.

One day before the final vote, Speaker Pelosi announced her intentions to form a committee on energy independence and global warming with a deadline of July 4th. “I have asked the chairs of the relevant committees to hold hearings and pass legislation so that by the Fourth of July we can have a package of legislation to truly declare our energy independence,” Pelosi said. “Today is a start. It’s just a beginning, this legislation that will be passed … By the Fourth of July, we will have good news to report.”

source 1 h/t Truthdig
source 2 h/t Crooks & Liars