The Senate passed Democrats' tax bill (51-48), supported by President Obama, to extend for one year reduced rates for individual income less than $200,000 a year and couples' income less than $250,000 a year.
- The Senate also rejected a GOP bill to extend all the Bush-era tax cuts.
- The House, where Republicans expect to pass their own bill extending all the tax cuts next week, is unlikely to consider the Senate’s bill.
- Senate Democrats say passage helps put the two chambers on even ground when a tax deal is negotiated in the lame-duck session.
- Republicans called Democrats’ bill purely political. “It’s not about the economy. It’s about the election,” Senate Minority Leader Mitch McConnell, R-Ky., said.
- Passage of the Democratic bill came after Senate Republicans, in a reversal, agreed to not filibuster the bill, thereby allowing it to pass with a simple majority