NEW YORK (CNNMoney) -- The Obama administration rejected a bid to expand the controversial Keystone oil sands pipeline Wednesday, saying the deadline imposed by Congress did not leave sufficient time to conduct the necessary review.

"The rushed and arbitrary deadline insisted on by Congressional Republicans prevented a full assessment of the pipeline's impact, especially the health and safety of the American people, as well as our environment," Obama said in a statement.


"Generosity. That was my first mistake."
"Experience must be our only guide; reason may mislead us."
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