Obama signs "fiscal cliff" bill into law

U.S. President Barack Obama has signed a "fiscal cliff" bill into law that raises tax rates for the wealthiest Americans and extends tax cuts for most of the U.S. households, the White House said early Thursday. Obama signed the "American Taxpayer Relief Act of 2012" late Wednesday, raising taxes on households earning above 450,000 U.S. dollars and delaying across-the-board spending cuts for two months, the White House said. The Republican-controlled House approved the bill by a 257-167 vote late Tuesday after the Democratic-led Senate passed it 89-8. Obama, who is on vacation in Hawaii, signed the bill using an autopen. Related:U.S. "fiscal cliff" deal only provides short-term relief: analysts WASHINGTON, Jan. 2 (Xinhua) -- Markets worldwide rallied Wednesday after U.S. Congress averted the fiscal cliff, but the deal failed to address the massive spending that threatens the world's economic growth engine, analysts said. The world's eyes have been fixed on Washington amid a nail biter that saw Congress cut an eleventh-hour deal to avert the " fiscal cliff" -- a spate of tax hikes and spending cuts that economists said would trigger another recession. Full story U.S. "fiscal cliff" fix plan averts immediate pain, leaves problems unresolved WASHINGTON, Jan. 1 (Xinhua) -- The U.S. Congress has finally muddled through the recession-inducing "fiscal cliff" with a stopgap bill. The bipartisan plan, which blocked most impending tax increases and put off spending cuts, left a slew of issues unresolved. The United States averted the worst case scenario of the fiscal woes, but another budget battle may lie just ahead. By a vote of 257 to 167, the U.S. House of Representatives approved a Senate bill late on Tuesday night, ending weeks of political bickering around the "fiscal cliff" -- massive tax hikes and across-the-board spending cuts that are due to take effect on Tuesday.Full story U.S. Senate "fiscal cliff" bill adds 4 trillion USD deficit: CBO WASHINGTON, Jan. 1 (Xinhua) -- The Congressional Budget Office (CBO) on Tuesday said the Senate-passed bill to avert the "fiscal cliff" would add roughly 4 trillion dollars to federal deficit over a decade, largely because it would extend low tax rates for most Americans. Full story U.S. Congress misses "fiscal cliff" deadline despite Senate bill WASHINGTON, Jan. 1 (Xinhua) -- The U.S. Senate passed a plan to avert the "fiscal cliff" at midnight Monday, which would extend current tax rates for most American households and postpone the automatic spending cuts that threaten a new recession. Full story U.S. Senate passes "fiscal cliff" deal WASHINGTON, Jan. 1 (Xinhua) -- The U.S. Senate passed a plan to avert the "fiscal cliff" at midnight Monday, which would extend current tax rates for most American households and postpone the automatic spending cuts that threaten a new recession. Full story Commentary: Over the "cliff," the real devil is "fiscal abyss" BEIJING, Jan. 1 (Xinhua) -- After coming too dangerously close to the "fiscal cliff," U.S. politicians have reportedly reached a deal to avoid sharp tax increases and deep spending cuts. Full story White House, Republicans reach deal on fiscal cliff: U.S. media WASHINGTON, Dec. 31 (Xinhua) -- The White House and Senate Republicans have reached a deal to avert the "fiscal cliff," U.S. media reported Monday night. Full story Commentary: Frustrating fiscal talks expose deficiencies of U.S. political system BEIJING, Jan. 1 (Xinhua) -- The American people were once better known for their ability to make tough choices on difficult issues. Full story