President Barack Obama denied a permit for TransCanada's Keystone XL pipeline, saying his decision was based on the tight schedule and not on the "merits" of the project. "As the State Department made clear last month, 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. TransCanada remains dedicated to development of the pipeline and "will reapply for a presidential permit," said Russ Girling, the company's president and CEO.

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