The Senate approved the controversial $858 billion tax cut package just moments ago. The 81 to 19 vote now advances to the House of Representatives to extend the Bush-era tax reduction, among other things like unemployment benefits for 13 months, cut the payroll tax by 2 percentage points for a year, restore the estate tax at a lower level, and continue a series of other tax breaks.
The vote came hours after President Barack Obama urged lawmakers Wednesday to approve the deal, which the White House negotiated with Senate GOP leaders.
“I am absolutely convinced that this tax cut plan, while not perfect, will help our economy and create jobs in the private sector,” Obama said. “It will help lift up middle-class families who will no longer have to worry about a New Years’ Day tax hike.”
Read more about it on CNN.com. (http://www.cnn.com/2010/POLITICS/12/15/tax.deal/index.html)
