President Obama Signs Massive Tax Bill He praises $858B tax cut deal By Evann Gastaldo, Newser Staff Posted Dec 17, 2010 3:30 PM CST 33 comments Comments President Barack Obama stands with Vice President Joe Biden as he speaks about the Afghanistan-Pakistan Annual Review, Thursday, Dec. 16, 2010, at the White House in Washington. (AP Photo/Susan Walsh) (Newser) – The Bush tax cuts live on. President Barack Obama signed the $858 billion tax bill today, praising the new law as a "substantial victory for middle-class families across the country." Before signing the bill, the president reiterated that "there are some elements of this legislation that I don’t like" but said the tax cut package will give a much-needed holiday-season boost to middle class Americans and spur the ailing economy. He called the deal "real money that's going to make a real difference in people's lives."