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Fiscal Cliff bill approved by Congress, headed to President Obama's desk


WASHINGTON, D.C (WKZO) -- After one of the larger showdowns in President Barack Obama's presidency Congress has passed the fiscal cliff bill by a vote of 257-167.  The bill is now headed to the President's desk where he is expected to sign it.  The vote will spare most Americans from tax hikes and spending cuts that were threatening to send the economy into a 2013 recession.

The deal averts an a 1st quarter crisis but many issues still remain.  Chief among them is the need to raise the federal borrowing limit.  The next fiscal deadline is set for 2 months from now.