Obama 'optimistic' a fiscal agreement may be reached
28 December 2012 Last updated at 23:13 GMT
US President Barack Obama has said that a potential agreement on the "fiscal cliff" is still being discussed.
He reportedly asked Republican and Democratic leaders to back tax cuts for those earning under $250,000.
They have only four days to reach an agreement before across-the-board tax rises and spending cuts take effect.
Analysts say sliding over the "cliff" could tip the US into recession and set back the global economic recovery.