"US President Barack Obama has increased pressure on Republicans to accept a deal aimed at stopping the country going over a "fiscal cliff". He blamed them for the deadlock, saying their "overriding theme" was protecting tax breaks for the rich. But efforts to reach a deal suffered a setback as Senate leaders missed their own deadline to reach a compromise. Failure to resolve the crisis by 31 December will mean steep spending cuts and tax rises. This has raised fears that reduced consumer spending could trigger a US economic slowdown, which in turn could damage the global economy."
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