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The US 'fiscal cliff' crisis has been averted after the House of Representatives approved the deal set out by the Senate.
The bill was approved by the House in a 257-167 vote and will now be finally signed by President Barack Obama.
According to the Herald Sun, the measure raises tax rates on income over 400,000 dollars for individuals and 450,000 dollars for couples, a victory for Obama.
It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a 900 dollars pay increase due to politicians in March, the report said.
The House voted 257 votes to 167 to pass the original bill with minority Democrats joining a smaller number of majority Republicans to pass the legislation after a bitterly contested session on New Year's Day.
Obama will be making brief remarks at the White House shortly, coming as a relief to investors who feared that continued logjam could have sent global stock markets spinning.
Had the deal splintered, all Americans would have been hit by tax increases and the spending cuts would have kicked in across the government, in a combined 500 billion dollars shock that could have rocked the fragile recovery, the report added. (ANI)