Buffett Rule Fails in the Senate, 51-45. 60 Votes Were Needed For Cloture

On the eve of the federal tax filing deadline, the Senate blocked consideration of a Democratic bill to ensure that taxpayers making over $1 million a year pay more in federal taxes.

The vote, mostly on party lines, was 51 to 45, short of the 60 votes needed to advance the bill.

The bill, sponsored by Sen. Sheldon Whitehouse, D-R.I., is a version of a proposal made last year by investor Warren Buffett.

President Barack Obama had been rallying support for the “Buffett Rule” for the past several months and especially in the past week.

The tax proposal, Obama said on Sunday, is “not an argument about redistribution” of wealth. Instead, he said, "we're making an argument about how do we grow the economy so that it's going to prosper in this competitive 21st century environment," he said. "The only way we're going to do that is if people like me, who have been incredibly blessed, are willing to give a little bit back so that the next generation coming along can succeed as well.”

Obama, Reid after the vote goes down.