video transcript

Members of the U.S. House of Representatives have voted to pass a bill that will increasetaxes on familes making more than $450,000 a year- effectively avoiding the much discussed 'fiscal cliff'. The vote came after hours of back and forth debate by House Republicans who were initially unhappy with the plan for it's lack of government spending cuts. But amendments to the bill, which passed earlier in the Senate, would not have been possible as Republicans couldn't muster up enough votes. U.S. President Barack Obama commended congress for coming together, but offered a strict warning to congressional leaders for an expected showdown on raising the debt ceiling. (SOUNDBITE) (English) US PRESIDENT BARACK OBAMA SAYING: "While I will negotiate on many things, I will not have another debate with this Congress over whether or not they should pay the bills that they have already racked up through the laws that they've passed. Let me repeat we can't not pay bills that we've already incured. If congress refuses to give the US government the ability to pay these bills on time, the consequences for the entire global economy would be catestrophic., far worse that the impact of a fiscal cliff." Obama is headed back to Hawaii to join his family and resume his holiday.