Republicans think they’ll win the presidency and Senate next year so they don’t want to agree to anything now, and instead are going to wait a year when they’ll be able to push their plan through with much less resistance.
Democrats found some backbone (fragile though it is) and are not giving up their push for higher revenue (tax increases). So now, they’ll get to run all year on the fact that those evil Republicans held them up from doing anything good for America.
It’s infantile politics at it’s purest, and it makes me ashamed. Sure, partisan bickering has always been a part of our political process, but in this case it seems that the (financial) stakes are higher.