Senate Democrats Push Energy Package

By: Associated Press Email
By: Associated Press Email

Washington (AP) The price of oil keeps going up, and so do the profits oil companies report every quarter.

Senate Democrats are hoping to start debate on a bill to tax windfall profits and revoke billions more in tax breaks. Republicans want to stop it.

The plan includes a number of provisions that have drawn veto threats, including repealing $17 billion worth of tax breaks that oil and natural gas companies now enjoy.

There's also a proposal for a 25 percent tax on oil company windfall profits.

The bill needs 60 votes to pass and republicans are expected to block it.

If that happens, Democrats could try to pass individual pieces of the measure, which they've done before.

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