WASHINGTON - The White House and top Republicans struck a deal late Monday to avert huge New Year tax hikes and spending cuts known as the "fiscal cliff" that had threatened to send the US economy into recession.
The pact would raise taxes on the richest Americans - those earning over $450,000 a year - but exempt everyone else, and will put off $109 billion in budget cuts across the government for two months, top congressional aides said.
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