Political rivals in the US Senate joined forces in the early hours of this morning to agree a deal that should protect the US economy from a sudden shock.
Huge tax rises and spending cuts due to take effect at midnight last night should now be averted, but only if the deal passes one final vote in the House of Representatives.
ITV News' correspondent Lewis Vaughan Jones reports from Washington.
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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.