US President Barack Obama signed late Wednesday into law the ‘fiscal cliff” bill a day after it was passed by the Senate.

US President Barack Obama signed late Wednesday into law the ‘fiscal cliff” bill a day after it was passed by the Senate.

 In a statement, the White House said that Obama late on Wednesday signed the "American Taxpayer Relief Act of 2012," raising taxes on households earning above $450,000 and delaying spending decisions for two months.

 Officials said the US president, who is on vacation in Hawaii, signed the measure electronically by autopen.
The "fiscal cliff" crisis was finally averted on Tuesday as the House of Representatives, by a vote of 257 to 167, approved a stop-gap agreement passed one day earlier by the US Senate.

The hard-fought agreement, seen as a political victory for Obama, raised taxes on the very rich and delayed the threat of $109 billion in automatic spending cuts for two months.

The respite will prove temporary, however: The Democratic administration and the Republican-controlled House of Representatives face several clashes in the coming months on spending cuts and raising the government debt ceiling.