The Senate passed a tax-cut bill that was set to expire:

The bill mostly extends tax cuts that were given a short lifespan when awarded in 2003 or are renewed each year anyway. Voters won’t feel direct results before Election Day – and in the case of investors, until the next president is about to be sworn in, in 2009.

The bill passed the Senate on Thursday by a 54-44 vote, and Bush is expected to sign it next week. He said in a statement that the bill “prevents an enormous tax hike that the American people do not want and would not welcome.”

The legislation provides a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.

Read the rest here.
Now, why didn’t they just make the taxes permanent? Are they playing presidential election year politics? Elect us or you’ll get a tax increase?
Does anyone know why they did this? Not enough votes? Christopher Taylor, you’re all over the net, do you know?