U.S. House passes tax-cut bill
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The United States House of Representatives approved Thursday a far-reaching tax bill that extends Bush-era tax cuts for two more years, a compromise struck by President Barack Obama and Congressional Republicans.
The Senate passed the measure Wednesday with a 277 to 148 vote.
Obama announced on Dec. 6 that the White House had reached a compromise with the Republicans. The package extends the soon-to-expire Bush-era tax cuts at all income levels for another two years, lowers payroll taxes by 2 percentage points and provides additional jobless benefits.
The bill had sparked hot debate in the two chambers of Congress. Many Democrats criticized that the bill is too generous to the wealth. Others say that it will add further burden to the U.S. deficit problem.
The 858 billion measure is seen as a likely boost to the economy, but would pile onto a federal debt that some fear is nearing dangerous levels.
If passed, the bill would add to an accumulated 13.86 trillion dollars national debt that is now equal to more than 90 percent of the value of the U.S. economy.
Recent polls showed the public supports the tax cut compromise by more than a 2-1 margin.
In one survey by the Pew Research Center last week, 60 percent approve of the deal and 22 percent disapprove. More than 6 in 10 Democrats, Republicans and independents voiced support for the package.
An ABC News-Washington Post poll measured 69 percent backing the package and 29 percent opposed and also found strong bipartisan support for the agreement.
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