HONOLULU — President Barack Obama is hailing a last-minute deal that pulled the country back from the "fiscal cliff," but says it's just one step in a broader effort to boost the economy and shrink federal deficits.

Obama said in his radio and Internet address Saturday that the new law, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax increase that could have thrown the economy back into recession.