President Obama signs massive spending bill, tax measures into law

WASHINGTON — President Obama signed a huge tax and spending package into law on Friday following congressional votes that avoided a year-end showdown over the budget and ended legislative business until lawmakers return in 2016.

The Senate's 65-33 vote approved both the $1.1 trillion catch-all spending bill and a $622 billion series of tax breaks. The House earlier passed the two pieces separately by solid majorities — the tax package Thursday and the spending bill Friday morning.

Lawmakers generally viewed the legislation as an imperfect but acceptable compromise between conservative and liberal priorities.

“Congress can now move into 2016 with a fresh start,” House Speaker Paul Ryan, R-Wis., said.

The tax package permanently extends the enhanced child tax credit and earned income tax credit that were boosted by the 2009 economic stimulus, and extends through 2019 a popular corporate tax break that allows companies to more quickly depreciate the value of new equipment.

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