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Work on the ambitious Panama Canal expansion project was halted Wednesday after talks broke down on how to settle a dispute over $1.6 billion in cost overruns.

The Panama Canal Authority and the Spanish-led construction consortium leading the expansion blame each other for the overruns.

The project, which is already running nine months late, aims to double the capacity of the 50-mile canal, which carries 5 to 6 percent of world commerce.

— The Associated Press