- United States lawmakers approved a deal preventing huge tax hikes and spending cuts. By a vote of 257 to 167, the Republican controlled House of representatives approved a bill that fulfills President Barack Obama's re-election promise to raise taxes on top earners.
- The senate passed the measure earlier on New Year's day and Obama said he will sign it into law shortly.Spending cuts have been postponed for two months with a series of negotiations beginning between the White House and US Congress on America's debt ceiling.
- Obama said he will not negotiate over the need to increase the debt ceiling.
02 Jan 2013 - 09:08 - - Source: RANsquawk
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