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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 2 January 2013 [View all]xchrom
(108,903 posts)28. US 'fiscal cliff' deal prompts global stock markets rally
http://www.irishtimes.com/newspaper/breaking/2013/0102/breaking6.html
A long-awaited deal to avoid a US fiscal crisis prompted a global stock market rally today, with shares and commodities rising sharply across Europe and Asia.
After a last minute scramble, US politicians last night approved a plan to prevent huge tax increases and delay spending cuts that together would have pushed the world's largest economy off the "fiscal cliff" and into a likely recession.
The agreement handed a clear victory to US president Barack Obama, who won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. His Republican antagonists were forced to vote against a core tenet of their anti-tax conservative faith. By a vote of 257 to 167, the Republican-controlled House of Representatives approved the bill.
The Senate passed the measure earlier in a rare New Year's Day session and Mr Obama said he will sign it into law shortly.
A long-awaited deal to avoid a US fiscal crisis prompted a global stock market rally today, with shares and commodities rising sharply across Europe and Asia.
After a last minute scramble, US politicians last night approved a plan to prevent huge tax increases and delay spending cuts that together would have pushed the world's largest economy off the "fiscal cliff" and into a likely recession.
The agreement handed a clear victory to US president Barack Obama, who won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. His Republican antagonists were forced to vote against a core tenet of their anti-tax conservative faith. By a vote of 257 to 167, the Republican-controlled House of Representatives approved the bill.
The Senate passed the measure earlier in a rare New Year's Day session and Mr Obama said he will sign it into law shortly.
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