Washington, Dec 31 : US Senator Lindsey Graham, Republican South Caroline, has congratulated President Barack Obama on his impending victory in the so-called fiscal cliff negotiations.

He predicted that tax rates will go up on people earning more than 400,000 or 500,000 dollars, as a result of the coming Senate deal.

Graham used his "Fox News Sunday" appearance to congratulate Obama and said `hats off to the president, he won.

He said what have we accomplished? Political victory for the president. Hats off to the president. He stood his ground, the Huffington Post reports.

He's going to get tax rate increases, maybe not at 250,000 dollars, but on upper-income Americans, he said.

According to the report, but Graham said he won't support a package that raises rates on income between 250,000 and 400,000 or 500,000 dollars, because he knows Democrats will cave and accept a higher threshold.

Graham, meanwhile, called the chances of a quick fiscal cliff deal `exceedingly good', the report added. (ANI)