Iran sanctions bill passes first Congress test - Reuters

Iran sanctions bill passes first Congress test

By Carol Giacomo, Diplomatic Correspondent
17 minutes ago

WASHINGTON (Reuters) - President George W. Bush would be
forced to sanction oil and gas companies doing business with Iran
under legislation that cleared a first hurdle on Tuesday by winning
overwhelming approval from a congressional committee.
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The bill was approved 37 to 1 by the House of Representatives
International Relations Committee.

It also would eliminate some tax breaks for companies investing
in Iran, decrease U.S. contributions to the World Bank if the bank
invests in Iran and bar a nuclear cooperation agreement with
Russia if Moscow continues to assist Tehran's nuclear program.

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ALIENATE ALLIES?

Lawmakers dismissed administration officials' contention that
sanctioning European and other firms would alienate allies who
have been working with Washington to gradually ratchet up
pressure on Iran in the U.N. Security Council.

-snip-

Read more: http://news.yahoo.com/s/nm/20070626/pl_nm/iran_nuclear_usa_dc