The U.S. needs to end its political gridlock in order to avert the so-called fiscal cliff that is jeopardizing a “fragile” recovery in the global economy, Australian Treasurer Wayne Swan said. “Without action by Congress, the consequences would be very grave,” Swan said in his e-mailed weekly note yesterday. “The world cannot afford to see a continuation of the gridlock that has bedeviled the U.S. political system in recent years.” President Barack Obama, claiming a mandate from voters after his Nov. 6 re-election, faces opposition over his call for an immediate tax-cut extension for people earning less than $250,000 ... (full story)