Do you know why this isn't this aligning vertically?

PHP Code:
<?php
echo '<div style="float:left;width:60px;height:60px;vertical-align:middle;background-color:blue;">';
echo 
'<p style="vertical-align:middle;margin:0px;text-align:center;overflow:auto;font-weight:bold;font-size:16px;">Save 6.24</p>';
echo 
'</div>'//closes headline div
?>
in-line css for question convenience.