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Fiscal cliff: What happens to Americans on Jan 1

Hundreds of billions in tax increases and automatic spending cuts come into effect in the United States as soon as the final moments of 2012 tick away.
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Fiscal cliff: What happens to Americans on Jan 1
New Delhi:

Hundreds of billions in tax increases and automatic spending cuts come into effect in the United States as soon as the final moments of 2012 tick away.

The tax increases are the biggest ever to hit Americans at one go.

Lawmakers in the US are still scrambling to reach an accord on this so-called 'fiscal cliff', which if doesn't happen is expected to drag the world's largest economy into recession, taking along with it several other major economies around the world.  

Will the US go over the fiscal cliff? That's the big question staring at economists even as the stock markets around the world trade with caution on cues from the US Congress.

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