Congress Approves Tax Cut and Jobless Benefits Legislation

WASHINGTON -- Congress late Thursday night approved an $801
billion package of tax cuts and $57 billion for extended
unemployment insurance. The vote sealed the first major deal
between President Obama and Congressional Republicans as
Democrats put aside their objections and bowed to the
realignment of power brought about by their crushing election
losses.

The bipartisan support for tax deal also underscored the
urgency felt by the administration and by lawmakers in both
parties to prop up the still-struggling economy and to
prevent an across-the-board tax increased that was set to
occur if the rates enacted under President George W. Bush had
expired, as scheduled, at the end of the month.