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Countdown to 'fiscal cliff'

10 November 2012 Last updated at 02:22 GMT

There are just over 50 days to go until the United States reaches the so-called "fiscal cliff" - a string of automatic spending cuts and tax increases that will take place unless US politicians make a deal.

Both President Obama and the Republican speaker of the House of Representatives appeared on TV setting out their opening gambits.

Rajesh Mirchandani reports from Washington.