Passage came nearly 24 hours after a decade's worth of tax cuts enjoyed by tens of millions of Americans expired with the stroke of the new year, technically raising taxes by more than $500 billion in 2013 alone.Those tax increases â¿¿ plus $109 billion in defense and domestic spending cuts that were to be automatically triggered Wednesday â¿¿ became known as the fiscal cliff. Economists warned that their combined impact would hurl the economy back into recession, but Obama's signature on the bill would prevent the "cliff" from taking hold.
Congress OKs Cliff Deal, Signaling Future Fights
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