US President Barack Obama has praised a deal to prevent a "fiscal cliff" of spending cuts and taxation.
Obama said Tuesday night's deal, which will see taxes raised for the wealthiest Americans and delays automatic $109bn budget cuts for two months, represented "just one step in the broader effort to strengthen the economy".
He was speaking after the House of Representatives passed a Senate-backed bill by 257 votes to 167.
It had been passed in the Senate less than 24 hours earlier by 89 votes to eight after lengthy talks between Vice-President Joe Biden and Senate Republicans.
Had the deal failed to pass in the House, all Americans would have seen tax increases while government spending cuts would have been automatically introduced.
Some economists had warned that, should a deal not have been reached, the US could have been thrown into recession.
The bill raises taxes on all households making more than $450,000 (£277,000).
There had been pressure for the vote to be passed before financial markets re-opened on Wednesday.
Asian markets responded positively to the news, with Hong Kong's Hang Seng index up 2.1% on Wednesday morning, while South Korea's Kospi added 1.7% and Australia's ASX 200 rose 1.2%.
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