Dec. 4 (Bloomberg) -- 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.
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