This vote was on an amendment by Lindsay Graham, R-S.C., that would adjust the budget resolution to allow for the eventual enactment of legislation to extend President Bush’s 2001 and 2003 tax cuts, which will soon expire.  Extending these tax breaks has been a priority for the Republican Party this year.

The amendment was offered to the budget resolution that serves as the blueprint for Congress’ budget priorities in fiscal 2008. The budget resolution sets overall spending targets for the Appropriations committees and outlines other budget rules.

Graham said if his amendment does not pass, it will mean taxes will go up for many Americans and small businesses.  “There is a lot at stake if you vote against my amendment,” Graham said.

Kent Conrad, D-N.D., said that while Graham’s amendment is well-intentioned, it would raise deficit spending by an unacceptable amount of money.  “This will absolutely blow a hole in the budget. We now have balance by 2012, and we maintain balance in 2013. If you adopt the Graham amendment—because none of it is paid for, there are no offsets, no spending reductions, no other revenue—it is put on the debt,” Conrad said.

By a vote of 47-52, the Senate defeated the amendment.  All but two Republicans present voted for the amendment (Olympia Snowe of Maine and George Voinovich of Ohio).  Every Democrat present voted against the amendment.  The end result was that the bill went forward without language that would have allowed Bush’s expiring 2001 and 2003 tax cuts to be extended.