Maine Sen. Olympia Snowe put her power as the swing vote on the Senate Finance Committee to good use, forcing the panel to compromise on efforts to extend large cuts in the tax rate on dividends and capital gains.

Republicans – except for Snowe – and Democrats were evenly split on a measure that would have extended some of the most egregious of President Bush’s earlier tax cuts. Snowe, a moderate who had been spurned in her earlier efforts to increase funding for heating assistance for people with low incomes, held the fate of the legislation in her hands. Without her support, the committee was deadlocked.

Instead of the partisan divide, Snowe was able to force a plan with bipartisan appeal.

Maine’s senior senator faced intense pressure from her Republican colleagues. She deserves enormous credit for holding out and insisting upon a plan that is more fiscally reasonable than the original legislation, which would have cost $70 billion.

Even though the new plan still contains about $60 billion in hurricane relief and tax cuts, the bill faces an uncertain future when negotiators from the House and Senate meet to reconcile the differences between the two chambers.

With Congress moving toward painful cuts that primarily affect the poor and middle class, Snowe was able to hold the line of tax cuts that overwhelmingly benefit the wealthy.

Following her lead, the Finance Committee was able to find a compromise that offers a better balance. Now, she’ll have to stay vigilant to ensure the progress she forced isn’t undone.