Obama just vetoed the Keystone XL pipeline approval bill

A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline is seen in Gascoyne North Dakota
A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota November 14, 2014. The Republican-led U.S. House of Representatives approved the Keystone XL pipeline on Friday, but a similar measure struggled to get enough support in the Senate and President Barack Obama indicated he might use his veto if the bill does get through Congress. REUTERS/Andrew Cullen (UNITED STATES - Tags: ENERGY BUSINESS) - RTR4E84D
Photograph by Reuters

President Barack Obama swiftly delivered on his vow to veto a Republican bill approving the Keystone XL oil pipeline from Canada Tuesday afternoon, leaving the long-debated project in limbo for another indefinite period.

The Senate received Obama’s veto message and Senate Majority Leader Mitch McConnell immediately countered by announcing the Republican-led chamber would attempt to overturn the veto by March 3.

Obama rejected the bill hours after it was sent to the White House. Republicans passed the bill to increase pressure on Obama to approve the pipeline, a move the president said would circumvent a State Department process that will determine whether the project is in the U.S. national interest.

Click here to read Fortune’s Jennifer Reingold on North Dakota’s shale boomtowns.

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