A LEGISLATIVE fix to patch up America's fiscal crisis will be taken up by lawmakers in the Republican-controlled House of Representatives after passing the Senate.
The White House and top Republicans struck a deal after dramatic 11th-hour negotiations to avert huge New Year tax hikes and postpone automatic spending cuts that had threatened to send the US economy back into recession.
If the legislation passes the House as expected, it will represent a win for President Barack Obama as it raises taxes on the richest Americans - albeit above an income threshold higher than he and other Democrats had wanted.
But the victory will be hollow as it fails to tackle the deep spending cuts needed to resolve America's austerity crisis, setting up the prospect of another bitter Washington battle at the start of Obama's second term.
After months of agonising over the crisis, weeks of debate about a possible solution, and days of intense, closed-door bartering, the US Senate voted overwhelmingly 89-8 early Tuesday to pass a controversial bill that averts the so-called "fiscal cliff".
Although the midnight deadline was technically missed, any serious impact on the world's biggest economy will be avoided as long as legislation passes the House of Representatives in the coming days.
Obama issued a statement shortly after the Senate vote, urging lawmakers in the Republican-controlled House to "pass it without delay".
A vote could come as early as Tuesday.
If the measure is agreed by both chambers of Congress, tax rates will be hiked on households earning over $US450,000 a year but remain where they are for everyone else.
While not matching Obama's campaign threshold of $US250,000, it would represent a major concession from Republicans who have stuck solidly to a pledge of no higher taxes since then president George Bush failed to win re-election in 1992 after breaking a promise not to raise rates.
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