US fiscal cliff

US President Barack Obama has lauded a deal reached to stave off a "fiscal cliff" of drastic taxation and spending measures as "just one step in the broader effort to strengthen the economy". 

He was speaking after the House of Representatives passed a Senate-backed bill by 257 votes to 167. 

It raises taxes for the wealthy and delays spending cuts for two months. 

The deal had passed the Senate on Tuesday.

But its fate hung in the balance for hours as House conservatives sought to amend it to include big spending cuts, which would likely have killed it.

For more on this, 938LIVE's Keval Singh spoke with CEO & Regional Economist at CIMB-GK Research, Song Seng Wun. 

Click here to hear it on podcast