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US Senate lifts 40-year-old ban on oil exports
The bipartisan vote sends the bill to the Senate, where Republican and Democratic leaders have agreed to combine it with a package of tax breaks passed on Thursday.
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“This bipartisan compromise secures meaningful wins for Republicans and the American people, such as the repeal of the outdated, anti-growth ban on oil exports”, Ryan said, also declaring victory on the large budget increase for the Pentagon and curbs on the Environmental Protection Agency and the Internal Revenue Service.
The provision, which was reported by the Washington Free Beacon, comes as U.S. Border Patrol reported that more than 10,000 unaccompanied children crossed into the U.S.in October and November, double the number of crossings in the same two months of past year.
The Democratic president acknowledged he still had basic policy differences with Ryan but described “a good working relationship” between the two.
The omnibus lifts the 40-year-old ban on USA crude oil exports, for years a Republican priority, while extending solar and wind energy tax credits that Democrats say will create renewable energy jobs and reduce carbon emissions. But the speaker argued that in divided government, there was a limit to what Democrats could accept and said it contained “some big wins for the country, whether it’s lifting the oil export ban, increasing military spending or renewing health care for the 9/11 first responders”. Dozens of previously temporary tax breaks, such as the research and development tax credit, will now be permanent.
The research tax break will be “a booster shot for the innovation economy in America”, said Senator Ron Wyden of OR, the top Democrat on the Finance Committee.
The tax breaks and spending provisions cover everything government does – and limit how federal money can be spent. Democrats followed Pelosi’s lead and backed the bill by a 166-18 margin.
“They had discretionary spending under control but we just blew through those”, he said.
“It is going to bust the deficit”.
“I feel nearly jubilant about what is in this appropriations bill”, she said.
The trillion dollar budget deal has been passed with more Democrats supporting it than republicans. Ryan has emphasized this week that the spending bill is the product of a process he inherited from Boehner and that he’ll pursue a different strategy next year.
And in what appeared like a warning to Ryan and his party, Pelosi said, “They have the majority”.
President Barack Obama is expected to sign the bill later Friday before traveling to visit families of the San Bernardino terrorist attack en route to his vacation in Hawaii.
The 316-113 vote exceeded expectations and sent the legislation to the Senate for action later Friday.
The vote is not “a function of the spending bill but… a courtesy to the new speaker”, said Huelskamp, who voted against the bill.
Oil producers, including Continental Resources Inc., Pioneer Natural Resources Co. and ConocoPhillips, have been pressing for an end to decades of restrictions on exports of most raw, unprocessed crude oil imposed at a time of shortages in the U.S.
Indiana Republicans also praised other parts of the tax package.
New York’s elected officials applauded the inclusion of the Zadroga Act, which extended federal health monitoring and treatment to September 11 first responders through 2090.
The package also includes a provision to authorise the International Monetary Fund (IMF)’s 2010 quota and governance reforms, which had been blocked by US Congress for years.
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That trend reversed itself today, as a majority in both parties voted in favour of the measure.