December 29, 2012 12:12 pm
US President Barack Obama met with top lawmakers from both political parties in an effort to hammer out a last-minute deal to avert a drastic programme of tax increases and spending cuts due to take effect on Tuesday. Government economists project that failure to temper the drastic plan will push the country back into recession.House Speaker John Boehner and Senate Minority Leader Mitch McConnell from the Republican side and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi, both Democrats, participated in the talks.
Uncertainty over the fiscal future has depressed markets, with theStandard & Poor?s 500 index down 1.9 per cent for the week.
The blue-chip Dow Jones Industrial Average closed the day down 158.2 points, or 1.21 per cent, to 12,938.11. The broader Standard & Poor?s 500 Index fell 1.11 per cent, or 15.67 points, to 1,402.43. The technology-heavy Nasdaq Composite Index slid 25.59 points, or 0.86 per cent, to 2,960.31.
The US currency edged up to 75.64 euro cents from 75.55 euro cents on Thursday. The dollar dipped against the Japanese currency to 86.04 yen from 86.1 yen.//DPA
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