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Obama hails US budget deal

Barack Obama has hailed a deal to avoid a "fiscal cliff" of stark tax hikes and spending cuts. The US House of Representatives backed the bill by 257 votes to 167.

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Deficit reduction will be 'a matter of shared sacrifice'

President Obama has said that he sees no way for deficit reduction to be made solely of spending cuts;

If Republicans think that I will finish the job of deficit reduction through spending cuts alone. If they think that's going to be the formula for how we solve this thing, then they've got another thing coming. That's not how it's going to work, we've got to do this in a balanced and responsible way.

And if we're going to be serious about deficit reduction and debt reduction then it's going to have to a matter of shared sacrifice. At least as long as I'm president.

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