Democratic tax measures fail
WASHINGTON – Democratic measures to extend tax cuts for most Americans failed in the Senate on Saturday as Republicans — and some Democrats — blocked them because they did not also extend low rates for the wealthy.
President Barack Obama said he was disappointed with the vote, but indicated he was open to compromise on the tax cuts enacted under former President George W. Bush if certain conditions were met.
The Democratic plans — to renew low tax rates for individuals with income up to $200,000 and for those making up to $1 million — failed in procedural votes, as Republicans said low tax rates for the wealthiest should also be extended.
Saturday’s rare Senate votes were the latest skirmish in the battle over the tax cuts, which expire at the end of the year.