U.S. President Barack Obama delivers a statement on the U.S. "Fiscal Cliff" in the East Room of the White House in Washington
Media playback is unsupported on your device

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.