As Expected, the Senate Voted Down the GOP’s ‘Cut, Cap, and Balance’ Bill

LAS VEGAS - NOVEMBER 02: U.S. Senate Majority Leader Harry Reid (D-NV) smiles as he greets supporters after defeating Republican challenger Sharron Angle at the Nevada State Democratic Party's election results party at the Aria Resort & Casino at CityCenter November 2, 2010 in Las Vegas, Nevada. In one of the nation's most closely watched races, Reid retained his seat for a fifth term against Angle, a Tea Party favorite. (Photo by Ethan Miller/Getty Images) Photo: Ethan Miller/2010 Getty Images

The bill, which was passed in the House earlier in this week, would have mandated harsh spending cuts and required that Congress approve a Balanced Budget Amendment to the Constitution before raising the debt ceiling. It never had a chance in the Senate, where Senate Majority Leader Harry Reid called it “perhaps some of the worst legislation in the history of this country,” and President Obama promised to veto it. It failed on a strict party-line vote. The hope is that, now that CCB has officially failed, everyone can focus on hammering out a plan that won't. And fast. [Hill]