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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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Obama: 'Larger deal was too much to hope for'

The potential agreement that's being talked about would not only make sure that taxes don't go up on middle class families, it also would extend tax credits for families with children. It would extend out tuition tax credit that's helped millions of families pay for college.

It would extend tax credits for clean energy companies. It would extend unemployment insurance to 2 million Americans.

Ever since I took office, throughout the campaign, and over the last couple of months my preference would have been to solve all these problems in the context of a larger agreement. But with this Congress that was obviously a little too much to hope for at this time.

– President Barack Obama

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