WASHINGTON — Despite a veto threat from President Barack Obama, the Republican-led House approved a 20 percent tax cut for most companies intended to entice them to pick up the pace of hiring and, thus, boost the economy.

Critics said the tax cuts for companies with fewer than 500 employees would add $46 billion to the deficit and do little to create jobs. Obama and Democrats attacked the legislation as unfairly favoring wealthier small-business owners, celebrities and sports teams.

The bill, passed on a near-party-line vote of 235 to 173, has a dim future in the Senate, where Democrats have other business-tax measures in mind.

The showdown caps a week of politically charged votes on Capitol Hill as the parties offered competing visions for how to address the nation’s fiscal and economic issues heading into the November election.

At times, the floor debates sounded like a prolonged campaign ad as the parties sought to sway voters, particularly the sought-after independents not aligned with either party.

Economic issues remain the core concern among voters.

The Labor Department reported Thursday that new claims for unemployment benefits last week reached 386,000, the most in nearly three months. And that bumped up the more reliable four-week moving average to 374,750 — the highest since late January.

November’s election could influence the course of action on crucial year-end budget decisions, including mandatory federal spending reductions and the George W. Bush-era tax breaks for wealthier households that Obama wants to let expire.