Working with the President, Democratic and Republican lawmakers this week came together to approve a bill that prevents a tax hike on the middle class that could have thrown the economy back into recession. President Obama will soon sign this agreement into law.

“Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up,” he said. “Millions of families will continue to receive tax credits to help raise their kids and send them to college. Companies will continue to receive tax credits for the research that they do, the investments they make, and the clean energy jobs that they create. And 2 million Americans who are out of work but out there looking, pounding the pavement every day, are going to continue to receive unemployment benefits as long as they’re actively looking for a job.”

Here’s what you need to  know:

To learn more about this agreement and what comes next, be sure to watch President Obama’s full remarks.