December 28, 2012
President Barack Obama pauses during a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts.
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Senate leaders groped for a last-minute compromise Saturday to avoid middle-class tax increases and possibly prevent deep spending cuts at the dawn of the new year as President Barack Obama warned that failure could mean a "self-inflicted wound to the economy."