SUMMARY
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US President Barack Obama rushed back to Washington on December 27 in a last ditch bid to halt America’s slide over the “fiscal cliff,” only to find lawmakers blaming each other for looming failure. The mood has soured on a possible plan to prevent hundreds of billions of dollars in tax hikes and deep automatic spending cuts from kicking in January 1. Obama had called the nation’s top lawmakers, but they showed no sign of compromise. Experts say a failure to strike a cliff compromise by New Year’s Eve could plunge the world’s biggest economy into recession, and wrangling over the debt ceiling will only exacerbate fiscal uncertainty.
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