In the United States, attempts to tackle the country's debt crisis has ended in disagreement.
The House of Representatives has rejected a Republican party plan to avoid the so-called 'Fiscal Cliff'.
The fiscal clif is a series of tax increases and spending cuts due to come into force on January 1, 2013.
The deadline was imposed in 2011 to forece the president and congress to agree on ways to trim a big budget deficit over the next 10 years.
The cliff will be averted if the can reach a deal before January 1.
The fear is that raising taxes while massively cutting spending could push the US into recession with knock on effects for the rest of the world.
Al Jazeera's Patty Culhane reports from Washington.