US fiscal cliff bill passed; crisis averted

The months of drama over the fiscal cliff in the US which would have triggered a recession in the country and pushed global growth rates lower has finally been averted with the House of Representatives approving a Senate passed Bill today.

As per news reports the bill was passed with a 257 for and 167 against, despite the Congress being controlled by the Republicans.

Now, the United States will not face tax hikes and spending cuts as which had been due to come into force on Tuesday. This bill will impact on wealthy people denting their pockets, leaving the poor untouched. The measure will hit tax rates on incomes over $400,000 for individuals and $450,000 for couples.

Barak Obama is expected sign the Bill into law quickly.

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