Reid said counterfeiting and piracy cost the American economy billions of dollars every year and "there is no reason that the legitimate issues raised by many about this bill cannot be resolved." He said he was optimistic about reaching a compromise in the coming weeks.
The main Senate sponsor, Judiciary Committee chairman Patrick Leahy, D-Vt., said he respected Reid's decision to postpone the vote but lamented the Senate's unwillingness to debate the bill.
"The day will come when the senators who forced this move will look back and realize they made a knee-jerk reaction to a monumental problem," he said. Criminals in China, Russia and other countries "who do nothing but peddle in counterfeit products and stolen American content are smugly watching how the United States Senate decided" it was not worth debating the bill.
The Senate bill would allow the Justice Department, and copyright holders, to seek court orders against foreign websites accused of copyright infringement. It would bar online advertising networks and payment facilitators such as credit card companies from doing business with an alleged violator. It also would forbid search engines from linking to such sites.
The Tuesday vote was on whether to move the legislation to the Senate floor for debate. With the recent desertions and a statement Thursday by Senate Republican leader Mitch McConnell that it is too early to consider the bill, it appeared supporters lacked the 60 votes needed to advance the measure.
McConnell on Friday applauded Reid's decision, saying it would "prevent a counterproductive rush toward flawed legislation."
In the House, Smith said he had "heard from the critics" and resolved that it was "clear that we need to revisit the approach on how best to address the problem of foreign thieves that steal and sell American inventions and products." Smith had planned on holding further committee votes on his bill next month.
Update 12:15 p.m. Sen. Dianne Feinstein's office sent this statement from Feinstein to KQED's Joshua Johnson:
“I believe postponement of the cloture vote is the correct action. I also believe the only way we can resolve the differences on this bill is by the key CEO’s sitting down together. It is my opinion that a fair and balanced bill—that protects American creators from piracy without imposing undue burdens on California’s growing high-tech community or Internet freedom can be achieved.”
Feinstein had been a supporter of the bill. California's other senator, Barbara Boxer, is also a supporter.