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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Dale Baker6/15/2010 6:35:20 PM
3 Recommendations   of 206133
 
Sorry to disappoint all the worriers, but ABC reports that the Senate defeated the Sanders amendment on energy tax breaks this evening.

The vote wasn't even close, what a surprise.

Senate rejects killing oil drilling tax breaks

(AP) – WASHINGTON — The Senate has killed an attempt to repeal lucrative tax breaks enjoyed by the oil and gas industry.

The move by Vermont independent Bernie Sanders would have raised $35 billion over 10 years by limiting the ability of oil companies to write off drilling expenses, eliminating a tax deduction for the capital costs of oil and gas wells and repealing a tax deduction for domestic production of oil and gas.

But Sanders was on the losing end of a 61-35 vote, despite the industry's current political problems caused by the spreading oil slick in the Gulf of Mexico.

Sanders wanted to devote $10 billion of the money to clean-energy projects and the rest to defraying the budget deficit.
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