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Despite emerging deal, US to miss fiscal cliff deadline

US President Barack Obama pauses while speaking about the ongoing fiscal cliff negotiations from the White House in Washington on December 31, 2012. US lawmakers missed their deadline to avoid the so-called "fiscal cliff" Monday but said they were near toUS lawmakers missed a deadline to avoid the "fiscal cliff" budget crunch but inched towards a deal to ease the worst impact of the crisis by heading off economy-busting tax hikes.