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Publish Date : 31-Dec-2012

US President Barack Obama said Friday he was \"modestly optimistic\" a deal could be agreed with Republicans to head off a \"fiscal cliff\" crisis that could trigger a recession and rock global markets.

Mr Obama said after meeting top congressional leaders that Senate Democrats and Republicans would work overtime this weekend to try to head off a US$500 billion time bomb of tax hikes and spending cuts before a January 1 deadline.

\"We had a constructive meeting today,\" Mr Obama said. \"I\'m modestly optimistic that an agreement can be achieved.\"

Mr Obama said that Democratic Senate Majority leader Harry Reid and Republican minority leader Mitch McConnell would try to seal a deal on shielding the middle class from higher taxes due to come into force on Tuesday.

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