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With hours remaining, US fiscal deal uncertain

2012-12-30 33 Dailymotion

ROUGH CUT (NO REPORTER NARRATION)<br/> <br />STORY: The chances of a deal to prevent the U.S. economy from tumbling over a "fiscal cliff" remained uncertain on Sunday as lawmakers haggled over how to prevent taxes for all Americans from rising on New Year's Day.<br/> <br />Republican leader Mitch McConnell, took to the floor of the Senate saying he wants to make a deal but needs a "dance partner."<br/> <br />Majority Leader Harry Reid said he was just not able to make a counter offer to Republicans but said that he might be able to later.<br/> <br />Any agreement needs to be rushed through both chambers of Congress before midnight on Monday.<br/> <br />One Democratic Senate aide said it was uncertain whether the leaders would reach an accord. Reid and McConnell had been aiming to have an agreement by 3 p.m. EST so that they could present it to previously scheduled closed-door meetings of their party colleagues.<br/> <br />If the politicians cannot agree, then tax increases and across-the-board government spending cuts will begin on Jan. 1. That would take $600 billion out of the economy, push unemployment up and curb federal spending.<br/> <br />The main focus of negotiations was tax hikes on the wealthy, an increase sought by President Barack Obama but opposed by Republicans, particularly fiscal conservatives in the House of Representatives.<br/> <br />Obama made a rare appearance on NBC's "Meet the Press" to pressure lawmakers into forging a deal.

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