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House relents; ‘fiscal cliff’ averted

Automatic spending cuts postponed

By LORI MONTGOMERY AND ROSALIND S. HELDERMAN THE WASHINGTON POST

Posted: January 2, 2013 at 12:04 a.m.

President Barack Obama, with Vice President Joe Biden, talks about the House passing the “ÿscal cliff” bill on Tuesday. Despite last-minute hedging by GOP leaders over higher taxes and a pullback from spending cuts in the budget legislation passed by the Senate early Tuesday morning, the House passed it late Tuesday night.

Congress approved a plan to end Washington’s long drama over the “fiscal cliff” late Tuesday after enough House Republicans surrendered to President Barack Obama’s demand to let taxes rise on the nation’s highest-earning households.

  • INTERACTIVES: U.S. economy

    • Obama praises deal, says there's more to be done

    President Barack Obama praised Jan. 1, 2013, the bill that staves off the "fiscal cliff" tax increases and spending cuts. The House of Representatives followed the Senate's lead and passed the bill late Tuesday. (By The Associated Press)
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