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    US lawmakers race to avoid 'fiscal cliff'

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    Al Jazeera English

    by Al Jazeera English

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    The "Fiscal Cliff" is a term used to describe the expiry of tax cuts going back to 2001.

    If there's no deal - 88 per cent of Americans will end up paying 400 billion dollars more in taxes.

    Al Jazeera's John Terrett reports from Washington, DC.