The House passes tax cuts

US President Barack Obama speaks about the tax legislation working its way through Congress.


JEREMY HOBSON: While you were sleeping the House was voting and passing the tax cut package. If you need a refresher it'll extend the Bush tax cuts at all income levels as well as jobless benefits for the long term unemployed. And if you're employed you'll get a new payroll tax cut come January.

Last night, House Republican Whip Eric Cantor called the tax cut bill a step towards economic recovery.

ERIC CANTOR: The choice is to act now, or impose the onset of a $3.8 trillion tax increase that will crush the fragile recover and cost tens of thousands of jobs nationally.

Democrat Anthony Weiner said this morning Republicans proved to be better poker players than the President because they were able to secure tax cuts for the rich. But after all the partisan back and forth the bill ended up getting equal support from both parties in the House.

It now heads to the President's desk.

About the author

Jeremy Hobson is host of Marketplace Morning Report, where he looks at business news from a global perspective to prepare listeners for the day ahead.


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