Late Tuesday night, President Barack Obama praised the work of Congress and Vice President Joe Biden as both the House and Senate passed a bill to avert the fiscal cliff. President Obama also said that positive changes have been achieved concerning the nation's tax code. The bill signed into law will raise taxes on the wealthiest 2 percent of Americans ($400,000 of income, or $450,000 for couples filing jointly).

The president also said the deficit is "still too high" and warns that he will not negotiate with Congress over another increase in the nation's debt ceiling.

President Obama campaigned for higher taxes on the wealthy during his re-election bid last year.

You can watch President Obama's full speech from ABC News right here on

Information from the Associated Press used in this report