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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Fiscal cliff deal 'tax rises for those earning above $400,000'

The emerging "fiscal cliff" deal would see see a rise in tax rates for individuals with income above $400,000 a year and households with earnings above $450,000 a source familiar with the talks has told Reuters.

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