President Obama on House Passage of Jobs Bill: "Some may think standing by and taking no action is the right approach, but for the millions of Americans still out of work, inaction is unacceptable."

The White House released a statement from the President tonight on the House passage of the "Jobs for Main Street Act of 2010." The bill narrowly passed the House of Representatives by a vote of 217 to 212 with 38 Democrats bucking the party line to vote against the bill.

A little less than half of the bill's $154 billion price tag would be paid for by redirecting funds from the controversial Troubled Asset Relief Program (TARP).

Statement by the President on House Passage of Jobs Bill

All over our country this holiday season, Americans who lost their jobs in the Great Recession are looking for work. Today the House answered with some productive ideas to respond to this great need, offering new initiatives including repairing our roads and bridges, providing relief to Americans who have lost their jobs and preventing layoffs at the state and local level. They complement the proposals I made last week to buttress small businesses with new tax cuts and increased lending and provide incentives to consumers who retrofit their homes. Some may think standing by and taking no action is the right approach, but for the millions of Americans still out of work, inaction is unacceptable.