US President Barack Obama wined the showdown of “fiscal cliff”, as he praised the deal saying it made the tax system in his country fairer.

US President Barack Obama wined the showdown of “fiscal cliff”, as he praised the deal saying it made the tax system in his country fairer.

US House voted late Tuesday 257-167 to pass a Senate bill permanently extending tax rates for some 100 million families.

The measure will restore the Bush tax cuts for individuals making less than $400,000 and families under $450,000 a year, while also extending unemployment insurance for a year and reviving an inheritance tax exemption for estates under $5 million.

Speaking to reporters in the West Wing, Obama praised the deal.
"The one thing that I think hopefully in the New Year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little bit less brinksmanship, not scare the heck out of folks quite as much," he said.

The US president also warned that he would not bargain with Republicans in Congress or offer spending cuts in return for lifting the government's borrowing limit, known as the debt ceiling, in the coming months.

"While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they passed," Obama said.

"Let me repeat. We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff."