US Senate passes bill to avert 'fiscal cliff'

The US Senate has passed a bill to avert 'fiscal cliff' tax hikes and spending cuts, according to the Associated Press.

Read: What is the 'Fiscal Cliff'.

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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.