The Senate voted largely along party lines on Sunday afternoon to block legislation crafted by Senate Majority Leader Harry Reid (D-Nev.) that would raise the debt limit by $2.4 trillion.
Reid and other Democratic leaders worked intently to persuade centrist Republicans to support the plan but fell short.
The vote to end a GOP filibuster failed 50-49. Only Sen. Scott Brown, a centrist Republican from Massachusetts, defied the GOP leadership.
Update: More from Marketwatch there.