The White House and US Senate Republicans were sorting through disputes over taxing the wealthy and cutting defence and other federal budgets as last night's midnight deadline for avoiding a "fiscal cliff" loomed closer.
At stake were sweeping tax hikes and across-the-board spending cuts set to take effect at the turn of the year.
Economists warned the one-two punch could result in a big jump in unemployment and turmoil in financial markets and send the fragile economy back into recession.
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