Not Quite

Senate Rejects Buffett Rule

Haraz N. Ghanbari / AP Photo

President Barack Obama speaks at the White House Forum on Women and the Economy, Friday, April 6, 2012, in the South Court Auditorium of the Eisenhower Executive Office Building on the White House complex in Washington.

President Obama was dealt a major blow on Monday afternoon as the Senate rejected his proposed tax bill, christened "the Buffett Rule" for its endorsement by billionaire investor Warren Buffett. The bill would have put a 30 percent tax on the income of millionaires in the U.S. The vote fell mostly along party lines, as Democrats failed to garner bipartisan support for the much-debated tax.