Senate to Vote on Oil Tax Bill

The Hill reports:

The Senate is set to vote Tuesday on the Democrats' controversial bill that would cut the tax breaks received by the big five oil companies.

Senate Majority Leader Harry Reid (D-Nev.) filed cloture Monday night on the legislation, which means it would come to a vote at 6:15 p.m. Tuesday evening.

It must reach a 60-vote threshold to proceed in the legislative process. Democrats estimate that the bill will bring in about $21 billion in revenue over a decade and they vowed to use the money to pay down the nation’s $14.3 trillion deficit.

Opposition among Republicans to the plan is strong and even some Democrats, such as Sen. Mary Landrieu (D-La.), also oppose it. It is unlikely the legislation will garner enough votes to reach cloture.