Published On: Mon, Dec 31st, 2012

US Teetering Over the Edge of Fiscal Cliff

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With just one day to go before the US economy falls over the edge of the so-called ‘fiscal cliff‘, no deal is yet in sight. Senators in the US congress will continue to  work on finding a compromise deal on Monday, but it is looking increasingly likely that they will fail.

If no deal is reached then a series of tax rises and spending cuts set to come into force on 1 January 2013 could plunge the American economy back into recession.

President Obama has blamed Republicans, who are resisting any plan which includes tax rises, for the failure to reach a deal. He claimed that their ‘overriding theme’ was to protect tax breaks for the rich.

Video Report:


No US fiscal cliff deal in sight with hours to go by euronews-en

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About the Author

- Dean Walsh is the owner and editor of World News Curator. He also owns and runs Ourly News and a range of other online publications.

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