“Republican senators blocked an election-year bill Wednesday to limit tax breaks for U.S. companies that move operations overseas.

The bill would have prohibited companies from deducting expenses related to moving their operations to a foreign country. It also would have offered tax credits to companies that move operations to the U.S. from a foreign country.

The Senate voted 54-42 to end debate on the bill, six short of the 60 votes needed to advance it. The White House says President Barack Obama supports the legislation.”* The Young Turks host Cenk Uygur breaks it down.

*Read more here from Stephen Ohlemacher / AP / ABC News:
http://abcnews.go.com/Politics/wireStory/gop-blocks-tax-hike-firms-moving-overseas-24773146