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No 'fiscal cliff' deal yet: Americans face steep tax hikes

US President Barack Obama today said that issues to resolve -fiscal deal- remain, but expressed hope that the Congress will get it done. Any agreement to deal with automatic spending cuts for the middle-class Americans must be balanced, Mr Obama said.
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No 'fiscal cliff' deal yet: Americans face steep tax hikes

US President Barack Obama today said that issues to resolve “fiscal deal” remain, but expressed hope that the Congress will get it done.

"Today, it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," Mr Obama said at the White House. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done."

Any agreement to deal with automatic spending cuts for the middle-class Americans must be balanced, Obama added.

If the deal is done, sources say, it would extend unemployment benefits for a year; child, college tax credits for five years; and earned income tax credit for five years.

Hundreds of billions in tax increases and automatic spending cuts come into effect in the United States from today.

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

With inputs from agencies

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