In this July 24, 2012, photo, Senate Minority Leader Mitch McConnell of Ky., gestures during a news conference on Capitol Hill in Washington, following a political strategy session, as from back left, Sen. John Barrasso, R-Wyo., Sen. John Cornyn, R-Texas, and Senate Minority Whip Jon Kyl of Ariz., listen. The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff. Senators planned to vote Wednesday, July 25 on a $250 billion Democratic bill that would extend expiring tax cuts next year for all but the highest earners. Republicans were forcing Reid to corral 60 votes for the proposal, which he does not have. (AP Photo/J. Scott Applewhite)
In this July 24, 2012, photo, Senate Minority Leader Mitch McConnell of Ky., gestures during a news conference on Capitol Hill in Washington, following a political strategy session, as from back left, Sen. John Barrasso, R-Wyo., Sen. John Cornyn, R-Texas, and Senate Minority Whip Jon Kyl of Ariz., listen. The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff. Senators planned to vote Wednesday, July 25 on a $250 billion Democratic bill that would extend expiring tax cuts next year for all but the highest earners. Republicans were forcing Reid to corral 60 votes for the proposal, which he does not have. (AP Photo/J. Scott Applewhite)
In this July 24, 2012, photo, House Speaker John Boehner, R-Ohio, talks to reporters following a closed-door political strategy session at the Capitol in Washington. The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff. Senators planned to vote Wednesday, July 25 on a $250 billion Democratic bill that would extend expiring tax cuts next year for all but the highest earners. Republicans were forcing Senate Majority Leader Harry Reid, D-Nev., to corral 60 votes for the proposal, which he does not have. Boehner was ready to push legislation through his chamber next week that closely mirrors the Senate GOP measure. (AP Photo/J. Scott Applewhite)
WASHINGTON (AP) ? The Senate has voted to approve a Democratic bill renewing tax cuts next year for all but the highest-earning Americans.
The partisan 51-48 vote was a victory for Democrats and averted what would have been a campaign-season embarrassment for them and the White House. The bill closely follows the tax-cutting vision of President Barack Obama.
The measure would extend tax cuts in 2013 that otherwise would expire in January. It would deny those reductions to individuals making over $200,000 and couples earning at least $250,000.
Democrats said omitting the rich from the reductions was an equitable way for the wealthy to contribute to deficit-reduction efforts. Republicans say the higher levies would hurt job creation because many of the wealthy own companies.
The bill will go nowhere in the GOP-run House.
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