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Obama signs "fiscal cliff" bill into law

January 3 2013, 16:56

U.S. President Barack Obama has signed a "fiscal cliff" bill into law that raises tax rates for the wealthiest Americans and extends tax cuts for most of the U.S. households, the White House said early Thursday.

Obama signed the "American Taxpayer Relief Act of 2012" late Wednesday, raising taxes on households earning above 450,000 U.S. dollars and delaying across-the-board spending cuts for two months, the White House said.

The Republican-controlled House approved the bill by a 257-167 vote late Tuesday after the Democratic-led Senate passed it 89-8.

Obama, who is on vacation in Hawaii, signed the bill using an autopen, a mechanical device that copies his signature.

cbsnews.com

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