'Tax credits extended' in new budget deal

A Reuters source claims that the proposed "fiscal cliff" deal would extend the following tax credits for five years:

  • child tax credit
  • earned income tax
  • college tax credit

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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.