Thursday, June 21, 2007

Big Oil Companies Spared Tax Hikes

Senate Republicans on Thursday blocked a $32 billion package of tax breaks for renewable energy that would have been financed mostly by new taxes on major oil companies.
Democrats came three votes short of overcoming a threatened GOP filibuster that was keeping the measure from being attached to a broader energy bill. Republican senators argued that the nearly $29 billion in additional taxes on major oil companies would have led to reduced production and higher gasoline prices.

Because of Republican opposition, Democrats needed 60 votes to allow the package to come up for a vote, but fell short, 57-36. With a number of senators not voting, Democrats could resurrect the measure later, though there was no immediate indication of that.
Now you can understand why the war will not stopped until the Democrats can get a 60 vote filibuster proof majority. This is just more of a giveaway to big oil at the expense of research into renewable energy. Do you still think the Republican party is working in the best interests of the American people.

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