The Senate votes 51 to 46 to table the "cut, cap and balance" bill passed earlier this week by the House, which would have imposed strict caps on all future federal spending while making it significantly tougher to raise taxes.
The House passed the measure on Tuesday, mostly along party lines. President Barack Obama said he would veto such a measure, favored by hard-line conservative, and Democrats in the Senate had said they would kill it if it passes the House.
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