He says it proves both parties can work together.
The president spoke at the White House on Monday after the Senate surpassed the 60-vote threshold it needed to advance the legislation toward final passage.
A vote that would send the proposal to the House is expected Tuesday.
Obama says the plan would help create jobs by providing 13 months of jobless benefits to the unemployed and by cutting payroll taxes to all workers.
The president reached the compromise with Republicans after they insisted that all Bush-era tax cuts be extended. Under the agreement, expiring income tax rates for all taxpayers would continue for two years.