America avoids fall over 'fiscal cliff' after budget deal
Global markets have reacted with relief after a last-minute budget deal to increase taxes and delay spending cuts in America was approved.
With a fall over the so-called "fiscal'cliff" avoided, the FTSE 100 in London rose above the 6,000 mark for the first time since July 2011.
ITV News Correspondent Paul Davies reports.
Read more: Why America's budget crisis has been averted, but not solved
America's budget crisis has been averted, but not solved
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
What is America's 'fiscal cliff'?
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.