US Congress to miss fiscal cliff deadline

Lawmakers in the House of Representatives announced Monday they will adjourn without voting on a bill to delay looming tax increases and government spending cuts set to go into effect on Tuesday. The announcement means the U.S. government will miss its deadline to resolve the so-called "fiscal cliff" that economists warn could trigger another recession. The Senate has yet to finalize a deal that both REpublicans and Democrats agree to, but indications from top Senators and the White House suggest a deal will be reached last minute. If the fiscal cliff cannot be averted, there could be a lot in store for the new year. Taxes will go up, spending will go down and the limit on how much money the U.S. can borrow will once again be maxed out. However, Congress could pass later legislation retroactively blocking the tax hikes and spending cuts.