Senate Guts Energy Bill

Washington (TGW) – The Senate today trimmed down a version of the energy bill, slashing the section of the bill taking away over $21 billion in tax breaks for the oil industry.

The money that would have come from the repealing of those tax breaks would have funded tax breaks for clean tech.

The White House had threatened to veto the previous version of the bill, and many Republicans stalled the bill until it was changed. Now, the president has said he will sign the bill.

"By addressing the concerns of the administration and moving forward with a bipartisan approach, senators have taken steps to improve our economic and energy security," said a statement from the White House.

"If this legislation makes it to the president's desk, he will sign it into law."

The bill includes plans for the first federally mandated increase in fuel efficiency in 30 years, as well as expanding the Renewable Fuels Standard. The bill also has framework to promote energy efficiency.

The House is expected to vote on the bill next week, and the president is expected to sign it soon after that.

Via :: Cleantech