Tax cut deal passes, heads to President Obama's desk

On the upside, the President's tax cut deal provides 13 months of unemployment insurance benefits, extends middle-class tax cuts, delivers targeted tax incentives for increased business spending including in the energy sector, and adds on top of that $120 billion in temporary tax cuts that are sure to have a stimulative effect.

On the downside, Republicans refused to allow the tax cut deal to go forward without continuing the irresponsible Bush tax cuts for the wealthy, including an egregious slashing of the estate tax. And there are serious questions about whether the Social Security payroll tax cut will ultimately jeopardize Social Security.

But now, whether you thought it was the best of a bad situation and a necessary evil or if you thought it was a bad deal worth fighting to the end, it's about to become law, having passed the U.S. House of Representatives on a 277-148 vote just before midnight eastern time.

Update: 139 Democrats voted for the deal and 112 opposed it. On the GOP side, 138 voted for it and 36 voted against it.