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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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US 'fiscal cliff' deal: What has been agreed

A look at what has and has not been agreed under a new package of sharp tax increases and spending cuts aimed at preventing the US from going over the 'fiscal cliff':


  • Income tax cuts end for individuals earning more than $400,000 (£245,000) year and couples earning more than $450,000 (£275,000).
  • Inheritance tax rises from 35% to 40% after first $5m for individuals and $10m for a couple.
  • Rises in capital taxes from 15% to 20%.
  • Extension of tax credits for low and middle-income families.

Not agreed

  • A far-reaching deal on longer term spending cuts.
  • A deal to increase the debt limit which was reached on Monday.

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