Obama pleads for fiscal cliff deal

Financial markets would be adversely affected if US lawmakers fail to agree on a fiscal cliff deal before tomorrow, President Barack Obama said in an interview, urging Congress to act quickly to extend tax cuts for middle-class Americans.

Policymakers are seeking a last-minute deal that would set aside $600bn in tax increases and across-the-board government spending cuts that are set to start within days.

If Congress does not make that happen, the first bill brought up in the new year would be to reduce taxes for middle-income families, Obama told NBC yesterday.