President Barack Obama says an effort to changethe nation's tax code that is too skewed toward the wealthy has been achievedwith the "fiscal cliff" deal approved in Congress.
The president said in an appearance late Tuesday in theWhite House that the House vote to prevent a mix of tax increases and spendingcuts avoids a problem that could have sent the economy back into recession.
Obama says the deficit is "still too high" andwarns that he will not negotiate with Congress over another increase in thenation's debt ceiling.
The House approved Senate-backed legislation preventingmiddle-class tax increases and spending cuts that technically took effect withthe new year.
It represented a triumph for Obama after hecampaigned for re-election on higher taxes on the wealthy.