In their latest effort to tie Republican priorities to high gas prices, Democrats are blasting a pair of GOP-authored measures they say would hamper the government's ability to reign in oil speculation, including a spending bill up for a vote today.

Democrats are bristling over language in the Agriculture appropriations measure (H.R. 2112) slated for a floor vote today that would slash the Commodity Futures Trading Commission budget, as well as a bill (H.R. 1573) that would delay new CFTC rules to reign in speculation in oil trading markets. That measure is not currently slated for floor consideration.

CFTC, the agency tasked with implementing the oil futures trading limits in last year's financial law, saw its 2011 budget cut significantly in the spending deal that narrowly passed earlier this spring. And GOP lawmakers are openly wary of its fiscal 2012 request for an 82 percent funding bump in order to implement those limits over the next two years.

But Democrats say the GOP-authored spending bill's 44 percent cut would be detrimental to the agency's tasks. And they are adamantly opposed to the separate language that would delay the new rules.

"We write to express our disappointment with your failure to bring legislation to the floor of the House of Representatives that would bring immediate relief to the American people facing ever-rising gas prices, as well as our deep concern with legislation advancing through the House that would lead to further increases in gas prices," a group of 77 Democrats wrote to House GOP leaders in a letter yesterday.

"We respectfully urge you to refrain from bringing this legislation, H.R. 1573, which would hamper efforts to curb dangerous oil speculation, to the floor and instead work in a bipartisan manner on common-sense initiatives to address excessive speculation and lower gas prices," they added.

For months, the two parties have bickered over the causes and possible solutions to soaring crude oil prices. House Republicans have called for -- and passed legislation to -- expand domestic oil and gas drilling. Democrats, on the other hand, are urging greater reliance on alternative energy technologies. Both parties have noted the role of speculation in inflating oil prices.

The argument comes against a backdrop of intense federal spending scrutiny, and Republicans are pushing to rein in as much government spending as possible, a move Democrats say is misplaced in regards to CFTC.

"You and your colleagues have put forward budgets for 2011 and 2012 that would significantly cut funding for the Commodity Futures Trading Commission, the one entity that can prevent speculators from continuing to drive up gas prices," the Democrats wrote in their letter.

Likewise, the Obama administration has raised "serious concerns" about the proposed CFTC funding levels.

"The Administration strongly objects to the funding level for CFTC, as it would cause a cut in staffing levels and seriously undermine CFTC's ability to protect investors and consumers by effectively policing the futures and swaps marketplace through its current market oversight and enforcement functions," the White House said yesterday in a Statement of Administration Policy. "Moreover, the funding level would significantly curtail the timely, effective implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including new CFTC responsibilities to regulate the $300 trillion swaps derivatives market."

Click here to read the letter.