Senate Rejects Stripping Oil Company Tax Breaks
The Senate has failed to pass a measure that would end billions of dollars in tax breaks for large oil companies. The measure failed on a 51-47 vote, short of the 60 needed to overcome a Republican-led filibuster. Earlier in the day, President Obama called on lawmakers to choose between oil companies and the American people.
President Obama: “Today, members of Congress have a simple choice to make. They can stand with the big oil companies, or they can stand with the American people. It’s not as if these companies can’t stand on their own. Last year, the three biggest U.S. oil companies took home more than $80 billion in profits. Exxon pocketed nearly $4.7 million every hour. And when the price of oil goes up, prices at the pump go up, and so do these companies’ profits.”