BREAKING NEWS

Bill to ramp up Iran sanctions fails in US Senate

By REUTERS

MARCH 28, 2012 06:23

WASHINGTON - A US Republican lawmaker on Tuesday blocked Democrats from passing legislation designed to further punish Iran for developing its nuclear program, and each side blamed the other for its failure in a presidential election year that will put extra scrutiny on President Barack Obama to be tough on Tehran.

The legislation, which had the backing of many Democratic and Republican Senators, focused on foreign banks that handle transactions for Iran's national oil and tanker companies, and included a host of measures aimed to close loopholes in existing sanctions.

A handful of Republicans wanted to include additional measures to the bill such as sanctions on companies that insure trade with Iran. But Majority Leader Harry Reid wanted to take up the legislation without amendments.

"New changes to the bill at this time will only slow down its passage," Reid, a Democrat, said before he sought unanimous consent from Senators to approve the legislation - a procedure that allows no amendments.

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