Despite emerging deal, US to miss fiscal cliff deadline | Bangkok Post: news

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Despite emerging deal, US to miss fiscal cliff deadline

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US lawmakers missed their deadline to avoid the so-called "fiscal cliff" Monday but said they were near to finding a deal to ease the worst impact of the crisis by heading off tax hikes. 

US President Barack Obama pauses while speaking about the ongoing fiscal cliff negotiations from the White House in Washington on December 31, 2012. US lawmakers missed their deadline to avoid the so-called "fiscal cliff" Monday but said they were near to finding a deal to ease the worst impact of the crisis by heading off tax hikes.

Top political leaders appeared on the verge of a last-gasp deal to resolve the tax side of the showdown, but they fell short of an agreement on slashing spending cuts, which are also due to come into force on Tuesday.

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