After breezing through the U.S. Senate, the tax-cut compromise between President Barack Obama and congressional Republicans easily cleared the House of Representatives, providing a two-year extension for all tax cuts that were due to expire Dec. 31.
The bill passed 277 to 148 with bi-partisan support and now heads to the president’s desk after overcoming resistance from liberal members of Congress, who objected to continuing the Bush-era tax cuts for the wealthiest Americans.
In a statement, Congressman John Yarmuth, D-KY, who voted against the bill, criticized the compromise for letting affluent taxpayers off the hook.
“The long-term costs of this bill are far more damaging to our nation than the short-term gains. Borrowing money to give tax cuts to the rich – tax cuts that are more than most families make in a year – is unconscionable. Economics shows this is a dead-end. History proves it would be disastrous. And basic morality dictates that our priorities should focus on making our economy work for everyone – not just the wealthy few.”
In the end, however, Yarmuth saw the majority of his fellow Democrats join 138 Republicans to approve the bill. It has been reported that Obama personally whipped support for deal among House Democrats in the final days leading up to the vote.