President signs tax cuts into law

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.