main battle is still ahead so to conclude let's listen to mike in graham a market analyst at b.d.c. progress from london. what was agreed was basically to avoid a lot of the tax increases but it didn't really address the spending side of the equation and the republicans which are due to come back into the next congress tomorrow because democratic counterparts. say that they're actually going to be tackling this side of the equation again in the next couple of months now the issue of the debt ceiling which is a u.s. pouring limit is something which congress needs to pass in the public says we're quite happy to hold this over the obama administration until they get the spending cuts that they want so there's a lot of political wrangling ahead on that yet. nerve markets. so that's what the experts are saying let's have a look at the u.s. markets reaction as you can see we are looking at that new year rally is underway and it's in reaction to the lawmakers passing of the bill advancing those spending cuts on those tax increases we were chatting about on real sense of relief on the trading floors