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 BaucusThe good, bad, and ugly of Tester's Blackfoot-Clearwater Stewardship Act Biden nominates Nicholas Burns as ambassador to China Cryptocurrency industry lobbies Washington for 'regulatory clarity' 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 ThuneThere is a bipartisan path forward on election and voter protections Juan Williams: It's Trump vs. McConnell for the GOP's future Biden's year two won't be about bipartisanship  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.