Obama signs fiscal cliff bill

President Barack Obama has signed a Bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most households.

The Bill, which averts a looming “fiscal cliff” that had 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 defence and domestic programs.