Obama welcomes passing of "fiscal cliff" bill

Obama welcomes passing of "fiscal cliff" bill

US President Barack Obama has welcomed a move by the House of Representatives to pass a bill to avoid the so -called “fiscal cliff”, which threatended to send the US back into recession.

The bill passed through the house today 257 votes to 167, after it passed through the Senate yesterday.

The bill will limit tax increases to households earning over $450 thousand a year, and delay $109 billion in spending cuts, for 2 months.

President Obama said this is good news for the US, saying 98 per cent of Americans and 97 per cent of small business will not experience an  increase in their income tax rate.

The passing of the bill is a win for the President, who campaigned for re-election in November on a promise to raise taxes on the wealthiest, but faced stiff opposition from congressional Republicans.

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Libby Dreyer
Libby Dreyer 1729 posts

Libby has worked as a Senior Journalist at National Radio News since February 2011. She graduated with a Bachelor of Journalism from the University of Canberra in December 2010.

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