The goal of the Senate is to be the worlds most deliberate deliberative body, which means that the voting doesn't happen until the discussion is well and truly done. Imposing a time limit would allow discussion to be quashed prematurely by manipulating the process.
Naturally, this open-ended system can also be gamed, by not letting a bill get to vote. This lets a determined minority prevent a measure from being passed even when that measure's support is technically in the majority. Some consider this a feature rather than a bug, as it prevents the minority stance from being completely disenfranchised.
This tactic was originally a weapon of last resort, but then its use increased. At some point, a new rule was enacted where discussion could be quashed by 60% (supermajority) vote. This effectively causes a two-tiered system to achieving a mandate, although senators were hesitant of setting the precedent of stopping the filibuster in case they needed to use it themselves later on. Recently it has come into vogue again, with the number of filibusters and threats of filibusters rising considerably.
http://en.wikipedia.org/wiki/Filibuster_in_the_United_States...
Edit: That's 60% of all Senators, not just those currently there.
Edit: That's 60% of all Senators, not just those currently there.
Also known as 60 Senators are required to vote to force him to stop.