US 'fiscal cliff' tumble looms despite Senate efforts
Published on Jan 1, 2013 6:44 AM
(REUTERS) - THE United States looked on track to tumble over the "fiscal cliff" at midnight on Monday, at least for a day, as lawmakers remained reluctant to back last-minute efforts by Senate leaders to avert severe tax increases and spending cuts.
The US House of Representatives might not vote on any "fiscal cliff" plan before midnight, possibly pushing a legislative decision into New Year's Day, when financial markets will be closed, said a Republican aide.
The Senate plan was heavy on tax increases and light on spending cuts, raising concerns that it would repel rank-and-file lawmakers, particularly in the Republican-controlled House.
As Senate Republican leader Mitch McConnell and Vice President Joe Biden kept working on unresolved parts of the deal, there was deep discontent among Senate Democrats.
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