Obama poised for one last try at 'Fiscal Cliff' talks

President Barack Obama and members of Congress prepared for one last try to avert across-the-board tax increases and spending cuts known as the fiscal cliff, as the US Treasury Department warned that it will begin taking action to prevent the government from hitting its debt limit.

Treasury Secretary Timothy Geithner said in a letter to congressional leaders that the department will use accounting measures to save approximately 200 billion US dollars.