WASHINGTON (AP) -- LONDON (AP) -- World markets remain under pressure ahead of Friday's budget discussions between President Barack Obama and congressional leaders on averting the fiscal cliff.
A series of automatic tax increases and spending cuts will take effect in January if an agreement is not reached.
Some economists estimate that could cut around 5 percentage points off U.S. growth, plunging the world's largest economy into recession and seriously derailing the global economy.
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