Late Thursday evening the US Congress passed the controversial $858 billion bill that will extend all Bush-era tax cuts for two years, adding billions of dollars to the already massive deficit.
The Associated Builders and Contractors of America (ABC) applauded the bill, commenting that "many provisions in this bill, including those to extend lower tax rates to all Americans and establish a path for full repeal of the estate tax, are a good first step to help construction contractors recover from the recession and plan for the future," said ABC Vice President of Federal Affairs Geoff Burr.
"Family-owned small businesses are the backbone of the economy and give Americans a sense of pride and accomplishment in our country," said Burr. "In the construction industry, they provide valuable jobs and play an integral role in building communities. ABC believes that these family businesses are worth saving now and for future generations."
The bill was originally passed in the Senate earlier in the week, and then passed by the House of Representatives Thursday in a 277-148 vote; the bill now moves to the Executive branch to be signed by President Obama.
Voting in favor of the bill were 139 Democrats and 138 Republicans, while 112 Democrats and 36 Republicans voted against it.
In addition to extending the Bush-era tax cuts through 2012, the measure also expands unemployment benefits through 2011 and cuts payroll taxes by 2 percent during 2011.