The legislation passed 277-148 just before midnight. Obama is expected to sign the measure.

“Congress made the right decision … to prevent a job-killing tax hike on Americans and small businesses,” said Rep. Dave Camp, R-Mich.

The proposal, which the Congressional Budget Office says will cost $858 billion over 10 years, extends income tax cuts for two years at all income levels, creates a 2-percentage-point cut in payroll taxes for one year and continues benefits for the long-term unemployed for 13 months.

[Via USA Today]