Editor's Note: White House releases President Barack Obama's statement on the tax agreement:

Statement from the President

Leaders from both parties in the Senate came together to reach an

agreement that passed with overwhelming bipartisan support today that

protects 98 percent of Americans and 97 percent of small business

owners from a middle class tax hike. While neither Democrats nor

Republicans got everything they wanted, this agreement is the right

thing to do for our country and the House should pass it without

delay.

This agreement will also grow the economy and shrink our deficits in

a balanced way - by investing in our middle class, and by asking the

wealthy to pay a little more.

What's more, today's agreement builds on previous efforts to reduce

our deficits. Last year, I worked with Democrats and Republicans to

cut spending by more than $1 trillion. Tonight's agreement does even

more by asking millionaires and billionaires to begin to pay their

fair share for the first time in twenty years. As promised, that

increase will be immediate, and it will be permanent.

There's more work to do to reduce our deficits, and I'm willing to do

it. But tonight's agreement ensures that, going forward, we will

continue to reduce the deficit through a combination of new spending

cuts and new revenues from the wealthiest Americans. And as we


Advertisement

address our ongoing fiscal challenges, I will continue to fight every

day on behalf of the middle class and all those fighting to get into

the middle class to forge an economy that grows from the middle out,

not from the top down.