TEXT: The President's Comments on the Senate Tax Cut Vote

Hello, everybody. I am pleased to announce at this hour the United States Senate is moving forward on a package of tax cuts that has strong bipartisan support. This proves that both parties can in fact work together to grow our economy and look out for the American people.

Once the Senate completes action on this bill, it will move over to the House of Representative for its consideration. I've been talking with several members of that body. I recognize that folks on both sides of the political spectrum are unhappy with certain parts of the package, and I understand those concerns. I share some of them. But that's the nature of compromise -- sacrificing something that each of us cares about to move forward on what matters to all of us. Right now, that's growing the economy and creating jobs. And nearly every economist agrees that that is what this package will do.

Taken as a whole, the bill that the Senate will allow to proceed does some very good things for America's economy and the American people.

First and foremost, it is a substantial victory for middle-class families across the country who would no longer have to worry about a massive tax hike come January 1st. It would offer hope to millions of Americans who have lost their jobs through no fault of their own by making sure that they won't suddenly find themselves out in the cold without the unemployment insurance benefits that they were counting on.

And it would offer real tax relief for Americans who are paying for college, parents raising their children, and business owners looking to invest in their businesses and propel our economy forward.

So I urge the House of Representatives to act quickly on this important matter. Because if there's one thing we can agree on, it's the urgent work of protecting middle-class families, removing uncertainty for America's businesses, and giving our economy a boost as we head into the new year.

Thanks very much, everybody.