With hours to go before fiscal cliff is breached, markets relatively calm at year end

  • by: PAN PYLAS and PAMELA SAMPSON , Associated Press
  • Updated: December 31, 2012 - 5:00 AM

LONDON - Markets appeared Monday to be taking in stride the prospect that U.S. politicians will fail to agree a budget deal in time to avoid automatic tax increases and spending cuts that many economists think could tilt the world's largest economy back into recession.

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