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Obama hails fiscal deal – but pledges more action on the economy

By Western Morning News  |  Posted: January 07, 2013

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US President Barack Obama has hailed a last-minute deal that avoids the so-called "fiscal cliff" but insisted it was just one step in a broader effort to boost the economy and shrink federal deficits. Mr Obama said in his radio and internet address at the weekend that the new law raised taxes on the wealthiest Americans while preventing a middle-class tax hike that could have thrown the economy back into recession.

Mr Obama faces new battles in Congress over raising the country's 16.4 trillion dollars (£10.2 trillion) borrowing limit, as well as more than 100 billion dollars (£62.2bn) in automatic spending cuts for the military and domestic programs

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