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United States
Even as Mr Obama and Mitt Romney made their last pitches to voters, the investors called on Congress to do a deal to avert the "fiscal cliff", $600bn in spending cuts and tax rises set to take effect on January 1 if changes to the law are not agreed. Such fiscal austerity could push the economy into a recession next year, the Congressional Budget Office and the Federal Reserve have warned."America is facing an urgent crisis, barely discussed during the fall's election campaign," said the group of investors led by BlackRock and joined by pension systems from Florida, Utah, Texas and Illinois, in full-page advertisements placed in leading US newspapers on Monday.

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