Tax extenders bill fails in the Senate

The Senate on Wednesday voted 45-52 in opposition to moving forward on the $140 billion tax extenders bill that resuscitates expired tax breaks and extends several spending measures. 

The bill was authored by Senate Finance Chairman Max BaucusMax Sieben BaucusBernie Sanders flexes power on single-payer ObamaCare architect supports single-payer system Trump has yet to travel west as president MORE (D-Mont.), who argued that the proposal would help shore up the job market. However, centrist senators in both parties were uncomfortable with supporting the bill because it added approximately $80 billion to the federal deficit. 

Senate Budget ranking member Judd Gregg (R-N.H.) raised the budget point of order against the bill that led to this morning's vote and forced Democratic leaders to withdraw the legislation. 

The upper chamber could now take up a Republican alternative offered by Sen. John ThuneJohn Randolph ThuneAviation panel recommends Trump roll back safety rules Overnight Regulation: House moves to block methane rule | Senators wrestle with allowing driverless trucks | EPA delays toxic waste rule Overnight Tech: Senate looks at self-driving trucks | Facebook to keep ads off fake news | House panel calls Equifax CEO to testify MORE (S.D.) that is fully paid for, but not expected to pass. 

Baucus is expected to offer a slimmed down version of the legislation that just failed. Democratic leaders hope that centrist members will support a smaller bill that does not add as much to the deficit.