Obama Signs Fiscal Crisis Deal into Law

President Obama speaking at the White House after the House vote on Tuesday. Photo by The New York Times

US President Barack Obama has signed legislation called the American Taxpayer Relief Act of 2012, according to reports.

The bill aims to undo or delay much of the fiscal cliff.

The bill boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households.

It 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, Fox News has reminded.

Obama signed the bill into law after the House of Representatives passed it by 257 votes to 167.

It had been passed in the Senate less than 24 hours earlier by 89 votes to eight after lengthy talks between Vice-President Joe Biden and Senate Republicans.

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