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Democrats tried a different tactic Monday, offering legislation to cut federal subsidies for the oil companies that have reaped record profits from the pain Americans feel at the pump.

Under a bill sponsored by Sen. Bob Menendez (D-N.J.), the Senate would end more than $20 billion of subsidies for the five largest oil companies over the next 10 years. The money would be used to cut the deficit and invest in green energy technology.

Menendez cast the measure as cutting a giveaway to oil companies that are already swimming in cash.

"I think the American people are sick and tired of paying ridiculously high gasoline prices ... at the pump and then paying big oil again with our collective taxpayer subsidies, which they get," Menendez said. "I think that money is better spent keeping our economy going and developing alternatives that will create competition in the marketplace and help to reduce gas prices."
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