• Dow, Down 158.20, Practices Its Cliff Dive

    Investors, gradually coming to believe that policy makers will fail to reach a meaningful agreement to avert the so-called fiscal cliff before a year-end deadline, dumped stocks Friday in a selloff that put the blue-chip index into the red for the month.

    Until the past few days, many investors appeared hopeful that officials in Washington would reach a last-minute accord that would prevent a package of tax increases and spending cuts from coming into effect. But as days have ticked by without resolution, markets have begun to wobble.

     

    Read More Here….

  • ‘Fiscal cliff’ negotiations stall on Capitol Hill

    WASHINGTON — President Obama said he remains hopeful Congress will reach a deal to avert the “fiscal cliff,” but negotiations stalled Sunday afternoon on Capitol Hill where Senate leaders are trying to find a compromise to avert year-end tax hikes and spending cuts that threaten economic recovery.

    “At this stage, we are not able to make a counter-offer,” said Senate Majority Leader Harry Reid, D-Nev., in response to the most recent offer made by Senate Minority Leader Mitch McConnell, R-Ky., on Saturday evening. “Perhaps as the day moves on I will be able to.”

    Reid added: “We’re apart on some pretty big issues.”

     

    Read More Here…..

  • Stock futures turn higher after hours

    LOS ANGELES (MarketWatch) — U.S. equity futures turned higher Friday evening, ahead of a statement by President Barack Obama about negotiations over tax increases and spending cuts set to go into effect next year.

    Futures for the S&P 500 Index (US:SPH3) rose 3 points and those for the Dow Jones Industrial Average (US:DJH3) gained 24 points shortly before Obama began to address reporters Friday evening at the White House.

    The president said he’s optimistic a bipartisan budget deal can be reached before Jan. 1. Senate leaders said they’ll work until midday Sunday toward a compromise to avoid the so-called fiscal cliff.

     

    Read More Here……

  • French 75% income tax struck down by constitutional council

    France’s constitutional council has struck down a top income tax rate of 75% introduced by Socialist President Francois Hollande.

    Raising taxes for those earning more than 1m euros (£817,400) has been a flagship policy for Mr Hollande.

    The policy angered France’s business community and prompted some wealthy citizens to say they would emigrate.

    Mr Hollande’s government said it would rework the tax, due to take effect in 2013, to meet the council’s complaints.

     

    Read More Here…..

     

  • Senators work behind scenes Saturday on fiscal deal, votes would come Sunday

    Senate leaders are working off-stage Saturday to reach a final-hours deal to avert a fiscal crisis, with no official proposals or votes expected until Sunday.

    Senate Majority Leader Harry Reid, D-Nevada, has adjourned the chamber until Sunday so Democratic and Republican leaders can negotiate on a deal to present to the House.

    House members will officially return to Capitol Hill on Sunday in expectation that the Senate will present them with a plan to stop tax increases that are scheduled to kick in next week.

    Senate leaders from both sides of the aisle vowed late Friday to scramble over the weekend to produce a new bill, on the heels of a high-stakes White House meeting with President Obama that is seen as the last chance to come together before the tax-hike deadline.

    Read more: http://www.foxnews.com/politics/2012/12/29/senators-work-behind-scenes-saturday-on-fiscal-deal-votes-would-come-sunday/#ixzz2GSgDLU18

 
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