The U.S. Senate on Wednesday has approved the extension of tax cuts for low-income and middle-class Americans earning an annual income of 250-thousand dollars or less.

The extension was proposed by U.S. President Barack Obama.

The Democrat-controlled Senate extended the tax cuts for another year on Wednesday, local time, with 51 senators in favor and 48 against.

However, the tax cut extension bill will not likely pass the Republican-controlled House of Representatives.

Attention is being drawn whether the Democratic Party and the Republican Party will reach a compromise on the tax cut bill.

Both parties are presenting their own tax cut proposals to win voters’ support ahead of November’s presidential election.