Obama signs cliff deal to boost taxes on wealthy
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President Barack Obama walks down the stairs from Air Force One upon his arrival in Honolulu on Wednesday. The president is back in Hawaii for vacation after a tense, end-of-the-new-year standoff with Congress over the fiscal cliff. Associated Press |
HONOLULU — President Barack Obama has signed a bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households.
The bill, which averts a looming fiscal cliff that had threatened to plunge the nation back into recession, also extends expiring jobless benefits, prevents cuts in Medicare reimbursements to doctors and delays for two months billions of dollars in across-the-board spending cuts in defense and domestic programs.
The GOP-run House approved the measure by a 257-167 vote late Tuesday, nearly 24 hours after the Democratic-led Senate passed it 89-8.
Obama, who is vacationing in Hawaii, signed the bill using an autopen, a mechanical device that copies his signature.
