Detailed text transcripts for TV channel - CNN - 20110511:15:25:00 : vimarsana.com

Detailed text transcripts for TV channel - CNN - 20110511:15:25:00

regularly every time there is a gas crisis, they have also swept some of the smaller companies in and they're not doing that this time. overall, they say that this would save $21 billion over ten years. and what democrats are doing with this legislation is tying it into deficit reduction, don. they say that the money that is saved by taking away from oil companies, which they say don't need it, that will go to reducing the deficit. so they're trying to sort of kill two birds with one stone. they're saying the republicans, go ahead and make my day. that will reduce the deficit by $25 billion. many republicans say they will. >> you mentioned democrats. the president of the democrat, he supports ending subsidies for oil companies. many republicans are opposed, as you say, so what are the chances that the legislation will pass and loopholes will be closed here? >> slim to none that this is going to get done because republicans and some democrats say it's not fair to single out the oil companies. they say this is simply a tax hike on oil companies and that

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