UpdateUS House of Representatives approves bill that averts fiscal cliff

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)

By: Nurluqman Suratman

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