Forex Flash: Christmas resolution for fiscal cliff now unlikely – Deutsche Bank

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FXstreet.com (Barcelona) - After a quick huddle in Boehner's office, the House Speaker eventually scrapped the vote conceding that he didn't have enough support from his Republican caucus to pass the bill. In a brief statement afterwards, Boehner said that "now it is up to the President to work with Senator Reid on legislation to avert the fiscal cliff". Perhaps indicative of the current state of talks, Republican congressman Scott Rigell said "I'm not sure the people who have been up here 20 or 30 years really understand what the next iteration of this process is". In a press release, the White House said that Obama was still "hopeful" for a deal.

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, "The fiscal cliff clock continues to tick and a deal before the Christmas break is now looking increasingly unlikely." Indeed the Senate will meet briefly today but will not reconvene until next Thursday (27 December). Similarly the House will also not meet again until after Christmas and the hope is that there will be bipartisan agreement then to avoid the fiscal cliff.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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