Monday, December 31, 2012

Breaking News....We're Going Over the Fiscal Cliff (December 31, 2012)

The House will adjourn at 6:30 PM without voting on the Fiscal Cliff bill, if one exists.

Instead, they will vote on whatever the Senate comes up with tomorrow.

Of course, this is to avoid voting for a "tax increase"....waiting until tomorrow allows them to vote instead for a "tax decrease," even though there is no substantive difference between the two.  All of the Bush tax cuts expire at midnight.

They waited until the stock market closed at 4 PM EST to announce this.  And the market is closed tomorrow.  So there will be no adverse stock market reaction, or rather the reaction will be confined to the reaction to the final bill, rather than a reaction to "no deal."

Of course this assumes the Senate actually consummates an agreement and votes in favor of it.

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