A bill to avert the US "fiscal cliff" by cancelling most scheduled tax hikes and delaying spending cuts cleared a procedural vote in the US House of Representatives by an overwhelming margin. It indicates strong support for final passage in a vote expected in the next few hours.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.