Democrats came three votes short of overcoming a threatened GOP filibuster that was keeping the measure from being attached to a broader energy bill. Republican senators argued that the nearly $29 billion in additional taxes on major oil companies would have led to reduced production and higher gasoline prices, the AP reported.
Because of Republican opposition, Democrats needed 60 votes to allow the package to come up for a vote, but fell short, 57-36. With a number of senators not voting, Democrats could resurrect the measure later, though there was no immediate indication of that, the AP reported.
Senate Majority Leader Harry Reid, D-Nev., said he intends to proceed with consideration of the energy legislation with or without the tax measures. The Senate later voted 61-32 to proceed further with the energy legislation, the AP reported.
-New York State Society of Certified Public Accountants
