Obama Signs Tax Cut Extension

By Maureen Mespell
By Scott Sarvay

December 23, 2011 Updated Dec 23, 2011 at 6:53 PM EDT

WASHINGTON, DC (Indiana’s NewsCenter) – Friday morning the House passed the 2-month payroll tax cut extension by unanimous consent. The bill found its way to President Obama's desk just past 1 PM for his signature.

House Republicans initially rejected a two month deal fighting instead for a year long extension.

They say Americans are tired of short term fixes.

The deal will not include a tax hike on higher income brackets as Democrats previously wanted.

President Obama released a statement late Thursday afternoon in response to the decision:

For the past several weeks, I’ve stated consistently that it was critical that Congress not go home without preventing a tax increase on 160 million working Americans. Today, I congratulate members of Congress for ending the partisan stalemate by reaching an agreement that meets that test.

Because of this agreement, every working American will keep his or her tax cut – about $1,000 for the average family. That’s about $40 in every paycheck. Vital unemployment insurance will continue for millions of Americans who are looking for work. And when Congress returns, I urge them to keep working to reach an agreement that will extend this tax cut and unemployment insurance for all of 2012 without drama or delay.

This is good news, just in time for the holidays. This is the right thing to do to strengthen our families, grow our economy, and create new jobs. This is real money that will make a real difference in people’s lives. And I want to thank every American who raised your voice to remind folks in this town what this debate was all about. It was about you. And today, your voices made all the difference.

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