President Obama had little time to celebrate his re-election, as stock markets across the globe tumbled in fear of the fiscal cliff fast approaching.

More than $600bn (£380bn) of tax rises and cuts in government spending are due in early January.

If law-makers in Washington fail to reach a deal to avoid this “taxmaggedon” it will seriously damage the fragile economic recovery, and have repercussions across the globe.

via President Barack Obama facing fiscal cliff as stock markets fall – Telegraph.