Reid eyes vote on slashing oil tax breaks 'in the next week'

Senate Majority Leader Harry Reid (D-Nev.) said Tuesday he intends to begin floor debate later in the day on a bill to cut billions of dollars in tax breaks for the largest oil companies. Reid said he hopes to vote on the bill "in the next week."

"Common sense tells us that those companies do not need these subsidies," Reid told reporters in the Capitol.

Democrats unveiled legislation earlier Tuesday that would cut a slew of tax breaks for the five largest oil companies. The bill would save $21 billion over ten years. The savings would go to deficit reduction, not investments in clean energy programs, as Senate Finance Committee Chairman Max Baucus (D-Mont.) had proposed.

Here's more on the bill.