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:
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.