SparksGuitar• Sexy Liberal Hal Sparks joins us in the Los Angeles Bureau at 11am ET / 8am PT for an hour of Humpdays With Hal

The House of Representatives late Tuesday easily approved emergency bipartisan legislation sparing all but a sliver of America’s richest from sharp income tax hikes — while setting up another “fiscal cliff” confrontation in a matter of weeks.

President Obama spoke about the fiscal cliff deal late last night, renewing his call for “balance” in any solution in the coming year to address deficits and debts. But the he also warned Congress against using the debt ceiling as a bargaining chip, as the GOP had in summer of 2011.

A long-awaited deal to avoid a U.S. fiscal crisis prompted a broad global market rally on Wednesday, with shares and commodities rising sharply while the dollar and safe-haven government bonds fell.

The House of Representatives adjourned last night without acting on a $60 billion superstorm Sandy disaster aid bill, prompting angry denunciations from members from the states hardest hit by the storm.

• Stepfan Taylor rushed for 89 yards and an early touchdown, Kevin Hogan passed for 123 yards, and No. 8 Stanford won its first Rose Bowl since 1972, beating the Wisconsin Badgers 20-14 last night in the 99th Annual Rose Bowl.