US senate leaders are racing against the clock to reach an agreement before the country's borrowing authority runs out next week.
Fresh from the legislative fight to prevent a "fiscal cliff", President Barack Obama has warned that the US could not afford further budget showdowns.
With the United States election now over, the world waits with bated breath to see how the country will address its looming "fiscal cliff".
High taxes on investments has left taxpayers in a bad position.
SA's fiscal deficit will be considerably higher this financial year due to a widening tax shortfall, Finance Minister Pravin Gordhan said on Tuesday.