BANGKOK (AP) — Uncertainty over whether Washington will be able to work out a spending and taxation deal that is crucial to keeping the U.S. economic recovery on track caused Asian stock markets to stall Monday.
Economists have said the U.S. risks slipping into recession if hundreds of billions of dollars in expiring tax cuts and automatic spending reductions take effect on Jan. 1 — the so called “fiscal cliff.” Congress and the White House must find a compromise to prevent a big hit to the world’s biggest economy.
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