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Washington, Wall Street misreading each other again as cliff nearsQuicklink submitted by Sheila Samples Permalink |
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Exit presidential elections. Enter looming budget crisis. And once again, a disconnect between how Washington and Wall Street see the world could cause pain for investors if the two get their signals crossed. At the beginning of next year, $600 billion in tax increases and spending cuts - known as the fiscal cliff - will automatically become law unless Congress acts. Such dramatic moves could hammer consumer and business spending, push the U.S. economy back into recession and send markets reeling. |
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