House Passes Tax Cut Extension; Bill Headed for Obama's Desk

WASHINGTON, Dec. 17, 2010— -- After months of heated debate, backroom arm-twisting and White House negotiations, just before midnight the House of Representatives finally passed a $858 billion tax cuts package, including a two-year extension on all of the Bush-era Tax Cuts, a 13-month extension for unemployment insurance benefits, and approval of the controversial estate tax break that gives 6600 families a break worth $23 billion.

The compromise that President Obama negotiated with GOP leaders in Congress to avoid a tax-increase on Jan. 1 passed by a healthy, bipartisan vote -- 277-148, with more Democrats (139) actually voting in favor of the deal than Republicans (138).

The bill now heads to the White House for President Obama's signature.

Following the vote, Speaker-designate John Boehner commended his colleagues for passing the legislation and called on President Obama to work with Republicans in the next Congress to create more jobs.

"With nearly one in 10 Americans out of work, acting to ensure no American's taxes go up on Jan. 1 was critically important. Failing to stop all the tax hikes would have destroyed more jobs and deepened the uncertainty in our economy," Boehner stated. "Stopping all the tax hikes is a good first step in our efforts to reduce the uncertainty family-owned small businesses are facing, but much more needs to be done, including cutting spending, permanently eliminating the threat of job-killing tax hikes, and repealing the job-killing health care law. These are critical priorities the new majority has pledged to act on in the next Congress, and I hope President Obama will listen to the American people and work with us to stop Washington's job-killing policies."