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Obama Signs Tax Bill Into Law

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President Barack Obama has signed tax legislation that will maintain current tax rates for everyone, calling it "a substantial victory for middle-class families across the country," in remarks he made just prior to signing it into law.

The tax bill had a tough fight in the House on Thursday, after easily passing the Senate on Wednesday. House lawmakers considered the measure until late in the night, before finally approving it in a vote of 277 to 148. The bill passed the Senate by a large majority, with 81 Senators voting in favor of it, and just 19 against.

As The Associated Press reports, the law also includes additional tax cuts, like a reduction in Social Security taxes, as well as continued unemployment benefits for those who've been out of work for some time.

In his remarks on Friday, the president commended the bipartisan effort to approve the legislation. He added that there are parts of the bill he doesn't like, and that some Democrats and Republicans don't approve of. "That's the nature of compromise," he said. "And right now, what all of us care about is growing the American economy and creating jobs for the American people."