Instead, the $858 billion dollar tax plan extended the Bush tax cuts for all Americans for two more years -- including those making over $250,000. The law also extended unemployment benefits for an additional 13 months for approximately nine million Americans, and provided $400 billion in tax cuts and credits, aimed at boosting the struggling economy.
Obama signed the legislation on Dec. 17, calling it "a good deal for the American people."
He hailed the bipartisan compromise that allowed middle class Americans to keep their tax cuts.
"This is progress and that's what they sent us here to achieve," Obama said at the bill signing which featured members of both parties. "By a wide bipartisan margin, both houses of Congress have now passed a package of tax relief that will protect the middle class, that will grow our economy, and will create jobs for the American people."
'Don't Ask, Don't Tell:' Yes
"This year, I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are. It's the right thing to do."
During a frenetic lame-duck session in December, Congress passed a repeal of the 17-year-old ban on gays serving in the military. President Obama signed the legislation at the White House on Dec. 22 at an emotional event for him, Members of Congress and activists who had been pushing for the repeal.
"I am -- I am -- I am just overwhelmed," the president said. "This -- this is a very good day."
"I don't think American elections should be bankrolled by America's most powerful interests, or, worse, by foreign entities. They should be decided by the American people. And I'd urge Democrats and Republicans to pass a bill that helps to correct some of these problems."
Obama called for Congress to pass legislation to that would require more disclosure for election contributions, but the DISCLOSE Act failed to advance in the Senate in July.
$30 Billion From Bank Bailout to Small Business: Yes
"I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I'm also proposing a new small business tax credit -- one that will go to over one million small businesses who hire new workers or raise wages."
Congress passed the Small Business Lending Fund Act of 2010 in September, approving $30 billion in small businesses loans and offering more than $12 billion in tax incentives to help small businesses grow and add jobs. Supporters of the bill said the $30 billion will leverage into $300 billion in lending to small businesses.
The Treasury Department oversees the small business lending facility, which allows small banks – those with under $10 billion in assets – to use government funds to extend loans to small businesses.
Democrats estimated that the bill could ultimately help create up to 700,000 new jobs.
ABC News' Amy Bingham and Matthew Jaffe contributed to this report.