Topic 1: On Jan 2, US President Barack Obama signed "fiscal cliff" legislation that raises tax rates for top earners and extends tax cuts for the middle class.

The bill, which averts a looming fiscal cliff that had threatened to plunge the nation back into recession, also extends expiring jobless benefits, prevents cuts in Medicare reimbursements to doctors and delays for two months billions of dollars in across-the-board spending cuts in the defense and domestic programs.

The Republican-run House approved the measure by a 257-167 vote late on Tuesday, nearly 24 hours after the Democratic-led Senate passed it 89-8.