President Obama cut his Hawaiian holiday short to try to get a deal on the looming fiscal crisis.
But it's looking extremely unlikely that Republicans and Democrats can agree on a plan by the end of the year.
Britain went over its own fiscal cliff a couple of years ago.
Since then, it's imposed a series of painful budget cuts.
Anchor Lisa Mullins speaks with Edward Luce, the chief US commentator and columnist for the Financial Times.
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