Senate overwhelmingly approves resolution against VAT

With a large bipartisan majority Thursday, the Senate passed a non-binding resolution expressing opposition to the U.S. adopting a value-added tax.

The resolution, proposed by Sen. John McCain (R-Ariz.), passed by a 85-13 vote. The vote is a rebuke to Paul Volcker, a former Fed chairman who serves on President Barack Obama's Economic Recovery Advisory Board.

Volcker has argued for the European-style national sales tax, saying it could help offset the growing federal deficit.

McCain and others have argued that the tax would not solve the problem and would hit the middle class too hard.