02 January 2013 05:48 [Source: ICIS news]
(recasts paragraph 1-3)
SINGAPORE (ICIS)--The US House of Representatives has approved a bill to avert a fiscal crisis in the world’s top energy consumer that had threatened to push it into a recession, according to media reports.
By a vote of 257 to 167, the deal passed in the House late on 1 January and will now need to be signed by US President Barack Obama, they said.
The bill was passed by the US Senate early on 1 January.
On 1 January 2013, tax rises and huge automatic spending cuts came into effect in the US, a situation that has been dubbed the “fiscal cliff”.
The "fiscal cliff" measures mean tax increases of about $536bn (€407bn) and spending cuts of $109bn from military and domestic programmes, media reports said.
($1 = €0.76)
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