Repeal of U.S. Oil Breaks Blocked in Senate

 From Bloomberg

The U.S. Senate blocked a bid by Democratic leaders to repeal $21 billion in tax breaks for five multinational oil companies and use the revenue to reduce the deficit.

The Senate voted 52-48, with 60 votes needed for the debate to proceed, after Republicans argued the legislation would raise gasoline prices and increase dependence on foreign oil. Democratic leaders said they would seek to resurrect the measure in budget negotiations with congressional Republicans and the Obama administration