Economists are warning of dire consequences if U.S. politicians fail to make progress this weekend in tense talks aimed at reducing America's massive deficit ahead of a Wednesday deadline.
The bi-partisan congressional super-committee is charged with drawing up plans for a $1.2 trillion reduction in the nation's deficit by the middle of next week. Failure to do so will trigger an automatic "sequester" that will make cuts of that size to defense and social welfare programs starting in 2013. But the two sides seem far from finding a solution after clashing over tax revenues.
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