Both Parties' Tax Bills Fail in the Senate

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The Senate rejected both the Democratic and Republican business tax cut plans Friday.

Both parties refused to give ground, saying the other's bill wouldn't do enough to help struggling families, businesses, or the economy.

"We're in the midst of another Senate floor show, pursuing legislation that will get the president and his allies campaign talking points but will do absolutely nothing to spur economic growth and job creation," Sen. Orrin Hatch, R-Utah, said.

"There's no reason for them to oppose this bill, other than they're trying to hurt President Obama, small businesses, and the middle class," Senate Majority Leader Harry Reid, D-Nev., said.

Business tax cuts are only part of a much bigger battle.

President Obama and Democratic leaders want to raise tax rates for the rich, which is any household earning more than $250,000.

Republicans want everyone included in a tax cut extension.

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