Democratic Tax-Cut Extension Plan Fails to Advance in Senate

The U.S. Senate failed to advance a Democratic proposal to extend Bush-era income-tax cuts for families earning up to $250,000.

The 53-36 vote today in an unusual weekend session was short of the 60 needed to bring the measure to the floor. The Senate also plans a procedural vote on a second Democratic proposal to extend the tax cuts for families earning up to $1 million a year.

Republicans insist on keeping the tax reductions for all income levels. Tax reductions enacted in 2001 and 2003 are scheduled to expire Dec. 31 unless Congress agrees on an extension.

To contact the reporter on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva@bloomberg.net

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