Republicans are closing in on winning their effort to preserve the Bush-era tax cut for the wealthiest Americans. On Saturday, Senate Republicans blocked a measure to renew the tax cut only for individuals with an annual income of $200,000 or less and married couples earning no more than $250,000. Five Democrats joined with Republicans in opposition. The White House and Republican leaders are reportedly close to a deal that would extend the cuts for the most wealthy for two years in return for extending jobless aid to the unemployed. Speaking on the Senate floor, Senate Majority Leader Harry Reid blasted the Republican stance.

Senate Majority Leader Harry Reid: “It’s a tax cut many admit they don’t need, a tax cut billionaires like Warren Buffett say they don’t even want. Mr. President, when was the last time you heard an investor ask for less money? But what did the Republicans do? They pulled away the football and said, 'Rather than reduce the deficit, we'd really rather give an unnecessary, unwanted, unaffordable handout to the richest of the rich.’”