One more vote needed to stop US tax hikes

The fiscal cliff deal is just one vote away from being passed and Democrats hope the legislation will be in place before the financial markets open tomorrow.

The US Senate passed the bill which blocks tax increases and spending cuts and now needs to get through the House of Representatives.

ITV News correspondent Lewis Vaughan Jones reports from Washington:

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Obama hails US budget deal

Barack Obama has hailed a deal to avoid a "fiscal cliff" of stark tax hikes and spending cuts. The US House of Representatives backed the bill by 257 votes to 167.