BREAKING NEWS

Steinitz: World heaved a sigh of relief on 'cliff' deal

JANUARY 2, 2013 13:32

Finance Minister Yuval Steinitz on Wednesday said the world heaved a sigh of relief at the passage of a deal to avert the US "fiscal cliff," adding that Israel in particular was pleased with the outcome given its deep economic ties with the United States.

The last-minute deal, which passed in Congress overnight on Tuesday, averted a series of automatic tax increases and spending cuts that would have thrown the United States back into a recession.

Steinitz congratulated US Treasury Secretary Timothy Geithner on the deal, saying it provided stability and prevented an exacerbation of the economic crisis in the US.

Steinitz is due to travel to Washington to meet with Geithner early next week.

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