US President Barack Obama has called Congressional leaders to talks at the White House to try to stop the US falling over the “fiscal cliff”.
Republicans and Democrats have only four days to reach an agreement before hundreds of billions of dollars of tax rises and spending cuts take effect.
Over time the loss of income would have a deleterious effect on the US economy.
Analysts say sliding over the “cliff” could tip the US into recession and set back the global economic recovery.
President Obama cut short his holiday in Hawaii to resume the negotiations, and is due to host the White House talks at 15:00 EST (20:00 GMT).
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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