Senate Approves Tax Cut Measure
The Senate voted 81-19 to approve a measure to extend the tax cuts passed during the Bush administration another two years.
Following the vote, the measure was sent to the House, which is likely to vote on it tomorrow.
The measure extends the tax cuts, which are set to expire on Dec. 31, and extends by one year unemployment benefits for those who have been jobless for an extended period. It also exempts the first $5 million from an inheritance tax and cuts the payroll deduction Social Security tax from 6.2% to 4.2%.
On the final vote, 43 Democrats and 37 Republicans supported it and 14 Democrats and 5 Republicans supported it. The Senate has 58 Democrats-including two independents who caucus with the party-and 42 Republicans.