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Fiscal deal long overdue says Democratic leader Pelosi

1 January 2013 Last updated at 21:08 GMT

US House Democratic leader Nancy Pelosi has said a deal aimed at staving off a "fiscal cliff" of tax and spending measures was "long overdue".

Speaking at a news conference Mrs Pelosi said she hoped a bipartisan agreement could be reached in the House of Representatives after the bill, which raises taxes for the wealthy, was passed in the Senate the early hours of Tuesday.

President Barack Obama has urged the House to pass the bill "without delay".