December 21, 2012
Stocks remain down but have bounced off their worst levels following comments from House Speaker John Boehner that he was not ruling out working with Democrats to address the country’s fiscal problems after his Plan B” to avert the looming “fiscal cliff” collapsed.
Speaker Boehner said in a press conference this morning that the failure to vote on the tax bill was not the outcome he wanted. “Unless the President and Congress take action,” Boehner said, “tax rates will go up on every American taxpayer and devastating defense cuts will go into effect in 10 days.”
With time running short to find a solution before Christmas, the White House said it would work with Congress to avoid the series of tax increases and spending cuts set to kick in at the start of next year. President Barack Obama said he was hopeful a deal can be reached quickly.
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