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US poised to go off fiscal cliff

Dec 27 2012 17:49 Reuters
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Washington - Senate Majority Leader Harry Reid on Thursday criticized Republicans in Congress for refusing to go along with any tax increases as part of a U.S. "fiscal cliff" remedy as he sketched out a pessimistic outlook for this week.

"It looks like that is where we're headed," Reid, a Democrat, said of the likelihood of the US economy going over the fiscal cliff - with tax increases on most Americans and automatic spending cuts kicking in next month.

Reid made his comments in a Senate floor speech at the opening of a post-Christmas session, adding that time was running out ahead of a December 31 fiscal cliff deadline.

Reid urged House of Representatives Speaker John Boehner, the top Republican in Congress, to bring his chamber back into session and to avoid the biggest impact of the fiscal cliff by passing a Democratic-backed bill extending low income tax rates for all Americans except those with net household incomes above $250 000 a year.

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