Economy-policy

Obama's 'Buffett Rule' on Taxes for Rich Blocked in Senate

People walk past the U.S. Capitol on election day in Washington November 2, 2010.    REUTERS/Jonathan Ernst    (UNITED STATES - Tags: POLITICS ELECTIONS)

People walk past the U.S. Capitol on election day in Washington November 2, 2010. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS ELECTIONS)  (Reuters)

Senate Republicans on Monday blocked President Barack Obama's "Buffett Rule" legislation, which would have put a 30 percent minimum income tax on millionaires.

In a mostly party line vote, Democrats, as expected, failed to garner the 60 votes needed in the 100-member Senate to move forward to a full debate and vote on the bill.