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Senate Nears Showdown on Reviving Lapsed U.S. Tax Breaks

U.S. Senate Democrats are trying to pass more than $80 billion in tax reductions. Their obstacles include Republican plans to cut even more.

As soon as tomorrow, the Senate will begin procedural votes on reviving dozens of tax breaks that lapsed Dec. 31 and extending them through 2015. The package would let companies such as General Electric Co. defer U.S. taxes on overseas financing income and reinstate the production tax credit for wind energy.