House Passes Tax Cut Bill: President Obama Signs the Tax Cuts & Unemployment Insurance Bill

House passes tax cut bill Congress sent President Obama sweeping legislation late Thursday night to avoid a Jan. 1 spike in income taxes for millions and renew jobless benefits for victims of the worst recession in 80 years. (The Associated Press)


Washington Post Staff Writer
Friday, December 17, 2010; 12:40 AM

Congress approved the most significant tax bill in nearly a decade late Thursday, overcoming liberal resistance to continue for two more years tax breaks enacted under president George W. Bush and to provide a fresh boost of federal support to the tepid economic recovery.

The package, brokered by President Obama and Republican leaders in the wake of the November elections, angered many Democrats, who have long argued that the Bush tax cuts were skewed to benefit the wealthy. But their last-minute campaign to scale back the bill’s benefits for taxpayers at the highest income levels failed, and the House passed the measure 277 to 148, with 112 Democrats and 36 Republicans voting “no.”

“This bill, the president of the United States believes and I believe, will have a positive effect on the economy,” said House Majority Leader Steny H. Hoyer (D-Md.). “I will vote for this bill because I don’t want to see middle-income working people in America get a tax increase, because I think that will be a depressant on an economy that needs to be lifted up.” Source

 Update  full video of PBO sigining the bill
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8 Responses to House Passes Tax Cut Bill: President Obama Signs the Tax Cuts & Unemployment Insurance Bill

  1. not only has he he been working on this bill to help middle class with tax but he also stood by his word to~~This year’s 12% drop in veteran homelessness shows the results of President Obama’s and the whole administration’s commitment to ending Veterans homelessness,” said HUD Secretary Shaun Donovan, also on the call. “I want to thank Jon Bon Jovi for being a part of that effort and for using competition and innovation to advance the cause of ending homelessness.”
    pretty good work their for a president who suppossedly has done nothing~~WTG Pres Obama!!!!!!

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  4. The new comeback kid

    If Barack Obama wins reelection in 2012, as is now more likely than not, historians will mark his comeback as beginning on Dec. 6, the day of the Great Tax Cut Deal of 2010.

    Obama had a bad November. Self-confessedly shellacked in the midterm election, he fled the scene to Asia and various unsuccessful meetings, only to return to a sad-sack lame-duck Congress with ghostly dozens of defeated Democrats wandering the halls.

    Now, with his stunning tax deal, Obama is back. Holding no high cards, he nonetheless managed to resurface suddenly not just as a player but as orchestrator, dealmaker and central actor in a high $1 trillion drama.

  5. Ametia says:

    POTUS has signed the bill.

  6. Ametia says:

    President Obama to sign the tax bil at 3:50pm EST. 2:50 CT.

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