HONOLULU (TheBlaze/AP) — President Barack Obama has signed a bill that boosts taxes on the wealthiest Americans and provides about $76 billion in special interest tax credits, while preserving Bush-era tax cuts for most American households.
Obama, who is vacationing in Hawaii, signed the bill using an autopen, a mechanical device that copies his signature.
The bill, which averts the so-called “fiscal cliff” that reportedly threatened to plunge the nation back into recession, also extends expiring jobless benefits, prevents cuts in Medicare reimbursements to doctors and delays for two months billions of dollars in across-the-board spending cuts in defense and domestic programs.
The GOP-run House approved the measure by a 257-167 vote late Tuesday, nearly 24 hours after the Democratic-led Senate passed it 89-8.
Featured image via AP
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