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Senate Republicans derailed legislation today to extend expiring tax cuts at all but the highest income levels in a political showdown that paradoxically clears a path for a compromise with the White House on steps to boost the economy.

"We need to get this resolved and I'm confident we can do it," President Barack Obama said shortly after the near party-line votes. The public must have "the peace of mind that their taxes will not go up" on Jan. 1, he added.

Obama has signaled that he will bow to Republican demands for extending tax cuts at all income levels, and his remarks capped a day that lurched between political conflict and talk of compromise on an issue that played a leading role in last month's elections.

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President Barack Obama said Saturday that he's ready "to roll up my sleeves" and work with congressional leaders on a tax cut deal before rates are set to rise on Jan. 1.

The president said in remarks that he wasn't happy that Senate Republicans earlier Saturday blocked legislation that would have extended tax cuts for the middle-class permanently while letting tax cuts for the wealthy expire.

But Mr. Obama told reporters, "With so much at stake, today's votes cannot be the end of the discussion."

"We need to get this resolved and I'm confident we can do it," he said. He said he'd work through the weekend and into next week to find a compromise.

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A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.

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