Senate Republicans rejected a new, tweaked Senate Democratic payroll tax  cut extension proposal because they say it is not, as billed by Democrats, a compromise bill.

"The majority leader, unveiled what he rather misleadingly referred to as a compromise on the payroll tax," Senate Minority Leader Mitch McConnell, R-KY., said on the senate floor Tuesday. "This was not a compromise. This was nothing more than another bill designed to fail, so Democrats can have another week of fun and games on the Senate floor while tens of billions of working Americans go another week wondering whether they are going to see a smaller paycheck at the end of the year."

McConnell says he supports an extension but not one that would tax Americans making more than one million a year. The updated Democratic proposal calls for a 1.9% tax on Americans making more than one million a year as a way to pay for part of the $180 billion bill.

Republicans have consistently argued that taxing this group would be a hit at small business jobs creators and negatively impact the economic recovery.

"It's perfectly clear that the path to a compromise on this issue does not run through tax hikes," McConnell said, "You would think that this is in the president's top priorities and the democratic leader of the senate would put together a proposal that is designed to actually pass, but we haven't seen it yet."

McConnell said he hopes Senate Majority Leader Reid, D-NV., will come up with a "real proposal soon," because "time is running out."

But McConnell may not have to wait for Reid.   Senators Susan Collins, R-Maine and Claire McCaskill, D-MO will announce today yet another version of a payroll tax cut extension bill that could pick up more bipartisan support.