Marketplace   Menu Guide   Complete Pages      
butler eagle
Site last updated: Friday, December 19, 2014 Bookmark our site!
Local PennsylvaniaNationalInternationalNews Extras  
Published: December 30, 2012 print this article Print save this article Save email this article Email ENLARGE TEXT increase font decrease font

Markets calm despite looming fiscal cliff



LONDON — Markets appeared today to be taking in stride the ongoing failure of U.S. politicians to agree to a budget deal in time to avoid automatic tax increases and spending cuts that many economists think could tilt the world’s largest economy back into recession.
With just hours to go before the U.S. falls off the so-called “fiscal cliff,” Republicans and Democrats remained divided over taxes and spending, raising the prospect that markets will start 2013 without a clear idea of America’s budget policy.
Discussions in the Senate broke off Sunday night without agreement. Senators are due to reconvene at 11 a.m. to try to hammer out a deal before the deadline.
“With precisely zero headway made on the fiscal front resulting from the early weekend return by Congressional lawmakers, hopes are fast-fading of any sort of compromise before the end of 2012,” said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co.
However, it’s not the first time that budget discussions in the U.S. have gone down to the wire only for a deal to be eventually reached.
Many investors remain confident that some sort of deal will be struck in time following positive noises coming out from late Sunday discussions between Senate Minority Leader Mitch McConnell, a Republican, and Vice President Joe Biden, a Democrat.





Back
Comments
Order Photos!
 
MORE NEWS HEADLINES
arrow No new improprieties found in state email files
arrow Overnight fire fatal
arrow Man dies on icy I-79
arrow Icy roads result in accidents
 
MOST READ ARTICLES
arrow County faces discrimination complaint
arrow None of your business
arrow With no funds, downtown group lays off manager
arrow Police catch pair caught