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Republicans have no foothold on the 'fiscal cliff'

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Right now, if Congress fails to come to an agreement on an overall deficit-reduction package by the end of the year, everybody's taxes will automatically go up on Jan. 1," President Obama explained Friday. "Everybody's -- including the 98 percent of Americans who make less than $250,000 a year. ... It would be bad for the economy and would hit families that are already struggling to make ends...