Republican-controlled House of Representatives steps back from fiscal cliff
It's a day after the deadline, but the U.S. House of Representatives has voted 257-167 in favour of the Senate bill to head off the so-called fiscal cliff.
This means the Bush-era tax cuts will remain in place for everyone except individuals earning more than $400,000 per year and couples earning more than $450,000 annually.
Jobless benefits will remain in place for the long-term unemployed.
Had the bill not passed, it was expected that the combination of spending cuts and tax increases on January 1 would push the U.S. economy back into a recession.