House approves Obama/GOP tax cut compromise

After weeks of back-and-forthing in Washington, the House early Friday overwhelmingly approved a compromise bill brokered by President Obama and congressional Republicans that will extend the so-called Bush tax cuts for another two years.

The bill, which also extends jobless relief to millions of unemployed Americans and cuts Social Security taxes for wage earners, now heads to the White House for Obama's signature.

On Thursday, House Democratic leaders pulled the bill from floor debate briefly, amid concerns that the bill didn't have the votes it needed to pass. But in a late night vote, the legislation was easily approved 277 to 148. Of that total, 112 Democrats and 36 Republicans voted "no" on the measure-- including conservative GOP Reps. Michele Bachmann and Mike Pence, who had raised questions about the bill's price tag.