Federal Guarantees for Business, Municipal Bank Accounts Fail in Senate

Whoa! There's something the feds won't promise to bailout.

The Senate failed to advanced a bill that would extend a guarantee program for certain bank accounts benefitting small businesses.

Senate Majority Leader Harry Reid (D-Nev.) introduced S. 3637, a bill extending the Transaction Account Guarantee (TAG) program through 2014.

But Sen. Pat Toomey (R-Pa.) raised a budget point of order against Reid's bill, saying it violated the Budget Control Act by authorizing additional funds. Democrats failed to waive the budget point of order on a 50-42 vote — 60 votes were needed.