Fiscal Cliff, Congress Is Closed Today
As the fiscal cliff looms, most congressman and congresswomen are back home - while we all work everyday, lucky to get a week off, without pay or healthcare but that's another subject.
This is hard to believe and it is both parties fault, there is middle ground to be found and a deal has to be struck.
The good news is that congress has been in session all year so far and hasn't accomplished anything so a five week recess vacation isn't too tragic.
As always, congress is likely to act just in the nick of time, probably in November or December, after the 2012 elections with some kind of short term solution, six or so months.
As for the market reaction, tough to say but suffice to say that uncertainty is what wall street hates most.