President Barack Obama has signed an $858 billion tax bill he negotiated with Republicans. He praised the new law as a boost for the middle class.
The package extends Bush-era tax cuts for two years, including tax rates for the wealthy that President Obama had vowed to let expire.
The deal includes a 13-month extension of jobless benefits for the out-of-work, and a nearly one-third cut in payroll taxes that finance Social Security.
The president says the law will give a much-needed holiday-season boost to middle class Americans and spur the ailing economy.
The president called the deal "real money that's going to make a real difference in people's lives."
A rare bipartisan assembly of lawmakers joined President Obama for the signing ceremony at the White House.
Copyright (c) 2010 The E. W. Scripps Company
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