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The US House of Representatives voted just after 4am to avert the US "fiscal cliff" sparing most Americans from tax hikes, spending cuts and the threat of a US recession in 2013.
President Barack Obama is expected to quickly give his signature to the measure. The 257-167 vote relied heavily on Democratic votes to win passage. It ended hard-fought negotiations over tax rates.
But it leaves many budget issues unresolved before another fiscal deadline in about two months - the need to raise the federal borrowing limit.
The US "Fiscal Cliff" Bill vote has passed through the House of Representitives after enough yes votes saw it move beyond the threshold for approval. US House Speaker John Boehner was among those voting yes in the vote. Some 217 votes were needed.
With counting still taking place, current totals stand at 257 yes and 167 no.
A bill to avert the US "fiscal cliff" by cancelling most scheduled tax hikes and delaying spending cuts cleared a procedural vote in the US House of Representatives by an overwhelming margin. It indicates strong support for final passage in a vote expected in the next few hours.
The US House Rules Committee chairman David Dreier says he expects a bipartisan vote in support of the Senate approved 'Fiscal Cliff' Bill.
A US Democratic lawmaker has told the Reuters news agency that Republicans do not have enough votes to change the Senate 'Fiscal Cliff' Bill. The House Rules Committee will move forward on the Bill.
Republicans in the US House of Representatives are seeking an amendment to "Fiscal Cliff" legislation that would cut spending by $330 billion. Republican Representative Darrell Issa said they are now weighing whether they will be able to get enough votes to pass such an amendment.
If not, they will hold an up-or-down vote on the Senate-passed measure, a Republican aide said.
The fiscal cliff deal is just one vote away from being passed and Democrats hope the legislation will be in place before the financial markets open tomorrow.
The US Senate passed the bill which blocks tax increases and spending cuts and now needs to get through the House of Representatives.
ITV News correspondent Lewis Vaughan Jones reports from Washington:
Nancy Pelosi, the Democrat leader in the House of Representatives, said a fiscal cliff deal was "long overdue" and that she wanted a bipartisan agreement.
The Republican leader in the US House of Representatives Eric Cantor has said he does not support the bill passed by the Senate to avert steep tax rises and spending cuts.
He said he was concerned about a "lack of spending cuts in the bill" and that Republicans in the House are searching for a way forward.
Mr Cantor expressed his unhappiness with the measure to reporters as he left a closed-door meeting with fellow House Republicans.
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America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.