US averts fiscal cliff

By Associated Press in Washington | China Daily | Updated: 2013-01-03 07:56

Speaker of the House John Boehner (center) leaves the second House Republican Caucus meeting of the day with House Ways and Means Committee Chairman Dave Camp during a rare New Year's Day session on Tuesday in Washington. The House approved a Senate 'fiscal cliff' bill to avoid massive tax hikes and spending cuts. Chip Somodevilla / AFP via Getty Images

A weary Congress sent President Barack Obama legislation to avoid the economy-threatening "fiscal cliff" of middle-class tax increases and across-the-board spending cuts late on Tuesday night, hours before financial markets reopened after the New Year's holiday.