Obama signs 'fiscal cliff' bill into law

WASHINGTON: President Barack Obama has signed into law the contentious compromise bill hammered out in Congress, narrowly averting the US 'fiscal cliff of tax hikes and drastic, immediate cuts in spending, the White House said early Thursday.

In a statement, the White House said that Obama late on Wednesday signed the "American Taxpayer Relief Act of 2012," raising taxes on households earning above $450,000 and delaying spending decisions for two months.

Officials said the US president, who is on vacation in Hawaii, signed the measure via autopen. (AFP)