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Obama: Senate Tax Cut Vote 'Proves Both Parties Can Work Together'

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"That's the nature of compromise, sacrificing something that each of us cares about to move forward on what matters to all of us," Obama told reporters at the White House this evening. "Right now, that's growing the economy and creating jobs. And nearly every economist agrees that that is what this package will do."

Once approved by the Senate, which is expected to come in the next day or so, the bill will move to the House, where its future is more uncertain. The Democratic caucus is officially opposed to the measure, though House Majority Leader Steny Hoyer says he expects the bill will emerge from the House with some changes.

Obama called on the House to move fast on the package, which will have to go back to the Senate if its altered by House members.

"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," Obama said.

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