BANGKOK (AP) - Asian stock markets rose today, registering optimism after negotiations late last week between President Barack Obama and leaders of Congress raised hopes the U.S. would avoid its "fiscal cliff" before the end-of-the-year deadline.
Obama met with the top leaders of the House and Senate on Friday to discuss ways to avert a series of automatic tax increases and spending cuts scheduled to take effect Jan. 1 in the absence of intervening action. U.S. lawmakers have said a budget deal before Christmas is possible.
Economists have been warning of the consequences if no action is taken. The spending cuts and higher taxes - plus the expiration of extended unemployment benefits - would mean that $671 billion is sliced out of the American economy next year. That's enough to throw the world's biggest economy into a recession.
Benchmark crude oil rose above $87 per barrel. The dollar fell against the euro and the yen.
First Coast News