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Senate approves extension of Bush tax cuts affecting all but top 2 percent of earners

The Senate voted 51-48 today to extend some of the Bush tax cuts, affecting 98 percent of all American taxpayers, for another year. The extended tax cuts would affect citizens making up to $250,000 a year, with the Senate not voting to extend cuts for the 2 percent of Americans making over that amount.

Earlier this month, President Obama called on Congress to extend tax cuts on the bottom 98 percent of earners, while letting those cuts affecting the rich expire. The Republican Party's official position is that all the tax cuts should be extended, though Senate Republicans opted not to filibuster a bill that would only extend some of them. Nonetheless, the legislation is expected to fail in the House, where the Republicans hold the majority.