US President Barack Obama signed into law the fiscal cliff and the US defense spending bills. (Photo: The Economic Times)

U.S. President Barack Obama on Thursday signed into law the "American Taxpayer Relief Act of 2012" raising taxes on households earning above 450,000 U.S. dollars and delaying automatic spending cuts for two months. On the same day, he also signed into law a $633 billion US defense spending bill that funds the war in Afghanistan and boosts security at US missions worldwide. In his announcement following the signing ceremony, Obama said the move aims to support service members and their families, renew vital national security programs, and help ensure that the United States will continue to have the strongest military in the world.