There are some hours left this evening and US politicians continue their talks in Congress tonight, but with every minute that slips by the chances of a deal become a lot slimmer.
Publicly the politicians here are still saying that they remain cautiously confident that they will get a deal, because if they do not tax rises come in automatically tomorrow, and should they remain in place they risk putting the country back into recession.
Bad news for Americans, but also cause for deep concern across the world, as Lewis Vaughan Jones reports.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.