The US Congress resumes this morning without a deal to avert the 'fiscal cliff' and only a few hours of actual legislative time scheduled in which to act if an agreement materialises.
Negotiations are due to begin again at 4pm UK time.
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.