SUMMARY
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The US Congress formally missed the deadline to prevent the so-called fiscal cliff, a combination of tax increases and spending cuts to start at midnight. The Senate reached a last-minute deal Monday, December 31, but the House adjourned without voting. The Senate is expected to vote in the early hours of Tuesday morning, with the House to consider a bill later. The fiscal cliff could lead to a recession but Congress can prevent its worst effects in the New Year’s Day vote.
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