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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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Fiscal deal: 'Balance of spending cuts and revenue increases'

The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, an Obama administration source told Reuters.

The source said Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi had signed off on the deal.

The agreement includes a balance of spending cuts and revenue increases, the source said.

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