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WASHINGTON D.C. (NBC) - President Obama will sign into law a bill that avoids the fiscal cliff, prevents taxes from going up on most people, and keeps unemployment checks flowing to two million out of work Americans.

The late night vote occurred after the New Year's Eve deadline, but brought peace of mind for millions of Americans who feared a tax increase.

The bill, that was approved by 257 Democrats and Republicans, does the following.

- Extends unemployment benefits.
- Avoids big cuts in Medicare payments to doctors.
- Prevents tax increases to 98 percent of Americans.
- Raises taxes for individuals making $400,000 and couplesmaking $450,000 a year.
- Raises the estate tax threshold to over $5 million.

The bill does not address the two percent payroll tax cut that was in affect last year, and tax payers can expect to see that reflected in their paychecks this month.

The debt ceiling also goes unaddressed. The president urged Congress to raise the limit, but the legislative body refuses to give the President the ability to continually raise the limit.

No word yet on when President Obama will sign the bill.

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