Near-term disaster averted, long-term problems remain Negotiations over the so-called “fiscal cliff” went down to the last possible moment before congressional policymakers finally approved legislation that voided sizable tax increases and spending cuts that would almost certainly have tipped the economy into recession.
The U.S. House of Representatives passed a Senate bill on Tuesday night, giving the final congressional approval to the bipartisan compromise to avert the "fiscal cliff."
U.S. President Barack Obama would veto the House Speaker John Boehner's "Plan B" proposal on " fiscal cliff", a combination of tax increases and spending cuts due on Jan. 1, 2013, the White House said Wednesday.
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