BANGKOK (AP) — Heightened uncertainty about the outcome of budget negotiations in Washington among President Barack Obama, House Speaker John Boehner and other Republican lawmakers drove Asian stock markets lower Friday.
If a compromise is not in place by Jan. 1, the Bush-era tax cuts will expire and spending cuts will kick in automatically — a one-two punch to the economy that many experts fear will push the U.S. economy back into recession just as it begins to recover from the last one.
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