Congress Passes $858 Billion Tax-Cut Extension Plan

(Bloomberg) — The U.S. Congress passed an $858 billion bill extending for two years all Bush-era tax cuts, sending the measure to President Barack Obama for his signature.  Before the House voted 277-148 for final passage on the tax-cut agreement, members defeated an amendment crafted by some Democrats to express their displeasure with the bill and especially with a Republican-backed estate-tax proposal. Enough Democrats voted with House Republicans to accept the deal that Obama negotiated with congressional Republicans who gained scores of seats in last month’s election. Republicans said the bill would provide certainty about tax rates and would create jobs.

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