Senate Blocks Middle Class Tax Cut Extension, As Treasury Will Soon Need To Issue Yet More Trillions In Bonds To Fund Revenue Shortfall

``The recent passage of the middle class tax cut extension by Congress was roundly refuted by the Senate today as republicans and even some democrats voted against the proposal. This was expected, and means the bluff will come down to the wire, with some form of compromise required in the next week, involving an unemployment insurance-for-tax cut extension quid pro quo.''