Senate Blocks Bill To Repeal Oil Industry Tax Breaks

Law360, New York (March 29, 2012, 2:00 PM EDT) -- The U.S. Senate blocked a bill Thursday that would have repealed billions of dollars in tax breaks to the five oil industry giants, replicating a vote in May on a nearly identical measure.

The Senate voted 51-47 largely along party lines to reject the Repeal Big Oil Subsidies Act, S. 2204, over pressure from President Barack Obama to approve the measure. It needed 60 votes to invoke cloture.

Introduced by Sen. Bob Menendez, D-N.J., the bill would have slashed tax breaks that would have netted Exxon...
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