Monday, December 31, 2012

Markets Queazy: Last Trading Day of 2012 Becomes a Cliff Hanger


According to CNBC even if Congress cobbles together some type of "fiscal cliff" band-aid deal, it may only appease markets for a short time.

Stock futures were higher Sunday night but still pointed to a lower opening Monday,after Friday's steep decline.  Along weekend of budget talks between Senate leaders ended with no resolution,but the Senate returns Monday at 11 a.m. ET. The so-called "fiscal cliff" is the double slam the economy would feel from the $600 billion expiration of tax breaks and the onset of automatic spending cuts that will start hitting the defense department and other government agencies as of Jan. 1.

Monday promises to be a day of high anxiety as the Senate spends the final hours of the year trying to strike a deal on tax and spending elements of the so-called"cliff" that would also then have to be approved by the House….

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