Republican-controlled House of Representatives steps back from fiscal cliff

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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.

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