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Article posted: 12/21/2012 7:17 AM

U.S. budget negotiations setback drives stocks down

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Money traders work under flags of the United States and Japan at a foreign exchange firm in Tokyo Friday.

Associated Press

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Another failed attempt find a compromise in U.S. budget negotiations sent world stock markets plummeting Friday, as investors feared the world's largest economy could teeter into recession if no deal is found. Without an agreement, the U.S. economy will fall off the so-called "fiscal cliff" on Jan. 1 when Bush-era tax cuts expire and spending cuts kick in automatically.
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