Failure of Rebuild America Jobs Act (S. 1769, Nov. 3, 2011)

(by 51-49 vote (60 votes needed to move forward) 0.7 percent surtax on MAGI in excess of $1 million for individuals and married couples filing jointly ($500,000 for married couple filing separately) fails in the Senate; bill designed to raise tax revenue to allow $60 billion to be spent on "infrastructure-related" spending, but where only 10 percent would be authorized to be spent in 2012 and 50 percent to be spent in 2015 or later; bill represents third failed attempt to enact a "millionaire's surtax" (other two bills were S. 1660 and S.1723); Democrats rejected Republican alternative (S.1786) that would have provided a two-year extension for federal highway and safety programs and trust fund authority by using $40 billion in unobligated federal funds rather than raising taxes).