Senate Fails To Pass Bill Cutting Oil Co. Tax Breaks

Law360, New York (May 17, 2011, 7:57 PM EDT) -- Senate Democrats on Tuesday failed to muster the 60 votes needed to advance a bill that would eliminate $21 billion in tax subsidies for the five largest oil companies over the next decade.

The final tally was 52-48 with just two Republicans, Sens. Olympia Snowe and Susan Collins of Maine, crossing party lines to vote for the bill. Sens. Mary Landrieu, D-La., Mark Begich, D-Alaska, and Ben Nelson, D-Neb., joined Republicans in striking down the legislation.

S. 940, also known as the Close Big Oil Tax...
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