After the House passed an extension of the tax cuts for the first $250,000 of income yesterday (meaning even families with incomes over $250K get a break on that quarter of a million--deal!), the Senate decided to follow suit. Originally, they were working on a deal with the minority for four votes to be held on Friday. That agreement fell through, with Reid spokesman Jim Manley tweeting: "Republicans said they wanted to fund the govt & cut taxes, but they just objected to their own proposal."
The fall out is that the Senate will vote Saturday on two Dem tax cut proposals.
Reid of Nevada said he decided to schedule the votes after a Republican senator objected to a plan to hold votes tomorrow on two Democratic and two Republican tax-cut extension proposals.
According to a Senate aide, the votes will be on H.R. 4853 (the vehicle the House used for a tax cut extension for income up to $250,000), with a Baucus amendment that includes several additional items such as UI extension, AMT relief, estate tax, 1099 repeal, making work pay credit, and others. The second vote will be on the Schumer amendment raising the tax cut extension for up to the first $1 million in income, as well as the additional measures included in the Baucus amendment.
That's where it stands as of now, but it could certainly be subject to change. But as of now, it'll be a big weekend showdown.
(Additional discussion can be found in ericlewis0's recommended diary.)