Futures dip as US hurtles toward fiscal cliff

US stock futures slide; pessimism shrouds last-ditch effort to steer clear of fiscal cliff

Associated Press
Futures dip as US hurtles toward fiscal cliff
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President Barack Obama waves as he steps off the Marine One helicopter …

NEW YORK (AP) -- Stock futures are moving lower ahead of a last-ditch effort by the White House and GOP congressional leaders to hash out a budget deal before a year-end deadline strikes.

Dow Jones industrial futures are down 50 points to 12,953. The broader S&P futures have lost 6.3 points to 1,404.40. Nasdaq futures are down 9.25 points to 2,613.25.

Though many lawmakers say they are open to last-minute offers, few expect any offers of substance this late.

Top congressional leaders are meeting Friday afternoon for the first time since Nov. 16 and the House convenes Sunday evening, with one day remaining in 2012.

If no deal is reached, a slate of simultaneous tax hikes and spending cuts will automatically be set in motion and threaten to push the economy back into recession.