Obama to look at more spending cuts

US President Barack Obama is hailing a last-minute deal that avoids the so-called “fiscal cliff” but insists it is just one step in a broader effort to boost the economy and shrink federal deficits.

Mr Obama said in his radio and internet address today that the new law - approved by Congress on New Year’s Day and signed on Thursday – raises taxes on the wealthiest Americans while preventing a middle-class tax hike that could have thrown the economy back into recession.