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US Congress canceled the 40-year-old oil embargo

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US Congress canceled the 40-year-old oil embargo

Post by Admin on Fri Dec 18, 2015 8:41 pm

US Senate at the meeting adopted the draft federal budget for 2016 fiscal year, which also included a provision repealing operate for 40 years the oil embargo. For this decision voted 65 senators, 33 members of the House voted against.

The total budget is $ 1.1 trillion. The position on the abolition of the oil embargo was included in the text in the process of reconciliation between Democrats and Republicans, which made this initiative.

In addition, the Senate approved on Thursday, supported by the House of Representatives a bill on tax incentives. In particular, it provides relief for companies engaged in research and development, as well as for low-income families, students and the working homeless. In addition, the write-off will be able to count construction companies, applying energy-saving technologies in the construction of housing to increase its effectiveness. The total amount of write-downs amount to 680 billion dollars. The bill was part of an overall budget agreement between Democrats and Republicans.

Now, these documents will go to the US president for his signature, which is likely to sign them on Friday, as the night the head of state and his family leaving for vacation for the Christmas period.

Earlier, US House of Representatives approved the lifting of the ban on the export of American oil.

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