WASHINGTON D.C. - The U.S. Senate has overwhelmingly passed President Obama's tax package just two weeks before Americans would have been faced with higher taxes.
The bill is an extension of the tax cuts enacted under President George W. Bush, which is set to expire January 1st.
Among other things, the bill will save thousands in higher taxes for millions of taxpayers over the next two years.
It will also reduce social security taxes for a year and extend jobless benefits for 13 months.
The $585 billion package goes to the House, where some unhappy democrats are expected to pass the bill.