U.S. Senate clears budget deal to avoid automatic measures

01/1/2013 | Wall Street Journal, The · Reuters

A U.S. budget deal has cleared the Senate and is under consideration in the House of Representatives that would avert automatic tax increases and spending cuts that some had warned would tip the economy into recession. The accord imposes no major cuts in spending and raises a small amount of additional revenue by boosting taxes on households with more than US$450,000 annual income. "While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country, and the House should pass it without delay," President Barack Obama said.

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Wall Street Journal, The · Reuters

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