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'Fiscal cliff' talks stalled but progress possible

Published on Nov 26, 2012 11:11 AM
 
US lawmakers have made little progress in the past 10 days towards a compromise to avoid the harsh tax increases and government spending cuts scheduled for Jan 1, a senior Democratic senator said on Sunday. -- PHOTO: AFP

WASHINGTON (REUTERS) - US lawmakers have made little progress in the past 10 days towards a compromise to avoid the harsh tax increases and government spending cuts scheduled for Jan 1, a senior Democratic senator said on Sunday.

The United States is on course to slash its budget deficit nearly in half next year. Closing the gap that quickly, which in Washington is referred to as going over a "fiscal cliff," could easily trigger a recession.

"Unfortunately, for the last 10 days, with the House and Congress gone for the Thanksgiving recess ... much progress hasn't been made," Mr Dick Durbin, the No. 2 Senate Democrat, told ABC's "This Week" program.

Serious negotiations are expected to resume this week.

 
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