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Senate approves bill to avoid 'fiscal cliff'


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Senate approves bill to avoid 'fiscal cliff'

It was two hours after the midnight deadline but the US Senate finally approved legislation to avoid the “fiscal cliff”.

The overwhelming vote stops most of the tax hikes and across-the-board spending cuts that were due to begin with the new year. No effects will be felt as Tuesday is a US public holiday.

The eleventh-hour deal was negotiated by Vice President Joe Biden and Senate Republicans. The measure now moves to the Republican-controlled House of Representatives which is expected to consider it later on Tuesday where analysts believe it could still face stiff challenges.

Without a deal around 600 billion dollars worth of automatic tax hikes and spending cuts will be triggered in the first days of the new year, threatening a new recession in the United States.

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