White House threatens to veto US House energy bill (Reuters)

[Eugene]

Source: Reuters

White House threatens to veto US House energy bill
Fri Aug 3, 2007 11:27AM EDT

By Chris Baltimore

WASHINGTON (Reuters) - The White House on Friday threatened to
veto a massive energy bill slated for debate in the U.S. House of
Representatives that sets aside about $16 billion in clean-energy
incentives, mostly by repealing tax credits extended to oil companies.

The legislation -- a top priority for House Speaker Nancy Pelosi --
is a collection of bills assembled by about a dozen of the chamber's
committees over the last few months.

-snip-

In its official policy statement, the White House said the energy bill
and its related tax package would "fail to deliver American consumers
or businesses more energy security, but rather would lead to less
domestic oil and gas production, higher energy costs, and higher taxes."

The administration criticized provisions in the tax portion of the bill
that would repeal reduced tax rates for major integrated oil companies,
and drop foreign income tax deductions for companies that produce oil
and natural gas overseas.

-snip-

Read more: http://www.reuters.com/article/politicsNews/idUSN0330189220070803