'No new spending' in US budget deal

The tentative "fiscal cliff" deal contains no new spending, a senior Republican aide has told Reuters.

A source familiar with the talks also told Reuters that the sticking point in the deal is on the sequester (spending cuts) delay, with the White House seeking a delay for a full fiscal year.

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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.