USA heading for 'fiscal cliff' as time runs out
America's leaders are running out of time as the country stands on the precipice of the 'fiscal cliff' that is looming on New Year's Eve.
President Obama has increased the pressure on Republicans to reach a deal to avert steep spending cuts and tax rises as special meetings are held in Congress.
ITV News reporter Lewis Vaughan Jones speaks to a family facing a large tax hike if talks are not resolved:
What is the 'fiscal cliff'? Click here for more details and background.
America's budget crisis has been averted, but not solved
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
What is America's 'fiscal cliff'?
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.