This is a time to help the middle class and all those trying to reach it by extending a tax cut worth $1,000 for the average family. The President has been very clear: Congress should not finish their business before finishing the business of the American people. They cannot go on vacation before agreeing to prevent a tax hike on 160 million Americans and extending unemployment insurance. That is simply inexcusable in this economy.
It should be a formality, and hopefully it's done with as little drama as possible when they get back in January."
The Senate had earlier overwhelmingly approved the tax break in a rare Saturday session. The final deal includes a provision the White House had opposed that speeds up a decision on the controversial Keystone XL pipeline.
But Obama said it was critical that families not see an increase in taxes on Jan. 1, and said the continued break would boost the economy.
Democrats had sought a surtax on millionaires to pay for a full-year extension, while Republicans wanted steep budget cuts. The short-term deal is funded by new fees on home loans from Fannie Mae and Freddie Mac.
Obama said that in the new year he'd renew a call for the "wealthiest few Americans to pay their fair share, and corporations to do without special taxpayer subsidies," saying that view was supported by most of the country.
The House is expected to finalize the deal on Monday, and Obama would likely quickly sign it. He has delayed his annual holiday visit to Hawaii until the deal is approved.
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