The Senate fell one vote short in a procedural vote to move the Energy Bill passed by the House that includes tax increases for oil companies. The White House had threatened to veto the bill over that issue.
Majority Leader Harry Reid now says they will eliminate the tax title to get a revised energy package approved later today. “We must begin to break our country’s addiction to oil,” Reid said.
The bill will still include an increased Renewable Fuels Standard and higher CAFE standards.
Republican leader Mitch McConnell of Kentucky predicted the revised bill would be approved with wide bipartisan support.
The legislation, if passed by the Senate, would have to be voted on by the House.