US Senate passes 'fiscal cliff' deal

Source : IANS
Last Updated: Tue, Jan 01, 2013 07:50 hrs

Washington, Jan 1 (IANS) The US Senate passed a plan to avert the "fiscal cliff" Monday midnight, which would extend current tax rates for most American households and postpone the automatic spending cuts for two months, Xinhua reported.

Earlier, Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi signed off on the deal, a source was quoted in the US media as saying.

The deadline to prevent the "fiscal cliff" was technically midnight Monday.

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