In the US, there are just a few days to go until the so-called "fiscal cliff" of automatic tax rises and spending cuts come into force, triggered by the national deficit.
As lawmakers try to find a way of postponing the tax hikes that would affect all US earners, President Barack Obama has cut short his Christmas break to return to Washington.
Senate Majority Leader Harry Reid is expected to be asked to put together a quick deal. White House aides are reported to have already discussed details of the year-end budget measures with Senate Democrat counterparts.
On Friday, Obama called on Congress to pass a pared-down deficit reduction plan of extending current tax rates for all but the richest earners. But any proposals must be passed by the Republican-controlled House of Representatives, with many Republicans strongly opposed to tax rises for the rich.
If no agreement is reached, then at midnight on December 31st, taxes on all Americans will rise automatically.