Senate keeps oil industry tax breaks - UPI.com: "WASHINGTON, May 17 (UPI) -- The U.S. Senate voted Tuesday not to strip major oil companies of $21 billion in tax incentives over the next decade.
The vote was 52-48 with oil-state Democrats joining Republicans in tanking the measure, Politico reported.
While Republicans are adamant there be no tax increases, Senate Democratic leaders, who knew going into the vote it would fail, say they will keep pushing to end the tax breaks for the largest oil companies at a time when they are reaping phenomenal profits.
'I am confident that before we finish our budget negotiations here and in anticipation of raising the debt ceiling that that would be part of it,' Senate Majority Leader Harry Reid of Nevada told reporters before coming out on the losing end of the vote."
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