Originally posted by the Voice of America. Voice of America content is produced by the Voice of America, a United States federal government-sponsored entity, and is in the public domain. Obama Urges Passage of Tax Cut Deal VOA News 15 December 2010 Photo: White House President Barack Obama (file) U.S. President Barack Obama is urging lawmakers to quickly pass a bill to extend income tax cuts that were enacted under his predecessor, George W. Bush. President Obama said Wednesday that the plan is "not perfect," but will help grow the U.S. economy and create jobs. He said the nation cannot afford to let the $858 billion measure fall victim to delay or defeat. The Senate is expected to pass the bill Wednesday. The measure also extends jobless benefits for the long-term unemployed and imposes a 2 percent cut in payroll taxes. The bill is a controversial compromise between President Obama and Republican lawmakers. With Senate approval, the bill would move to the House of Representatives, where many members of Obama's Democratic Party say the compromise is too generous to the wealthy. But Republicans are adamant that all cuts should be extended. The president and Democratic lawmakers originally had hoped to extend tax cuts for individuals only on the first $200,000 they earned in a year, and for families on their first $250,000. House Democratic leader Steny Hoyer told reporters Monday he expects the House to pass the bill.  The Bush-era tax cuts are set to expire at the end of the year. The new measure would extend them for two years. The bill would also set a 35 percent tax rate for multi-million-dollar estates. House Democrats have been pushing for an estate tax rate of 45 percent. .