US House approves legislation averting 'fiscal cliff'

By REUTERS
January 2, 2013 07:27

 
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WASHINGTON - The US House of Representatives voted on Tuesday to avert the US "fiscal cliff," sparing most Americans from tax hikes and spending cuts that had threatened to plunge the US economy into recession in 2013.

The measure now moves to US President Barack Obama's desk for his signature, which is expected to come quickly. The 257-167 vote, which relied heavily on Democratic votes to win passage, ended hard-fought negotiations over tax rates but leaves many budget issues unresolved before another fiscal deadline in about two months - the need to raise the federal borrowing limit.

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