Renewable Energy Tax Breaks Fail in Senate
WASHINGTON
JUNE 07- 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 $32 billion tax 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.The tax proposal had some bipartisan
support, but also attracted sharp criticism from many Republican
senators who lined up against it.Senate Majority Leader Harry Reid,
D-Nev., said he intends to proceed with consideration of the energy
legislation with or without the tax measures. “There are still good
things in the bill,” he told reporters before the floor vote.