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:
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.