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It is official! Fiscal Cliff averted!

Wednesday, January 2, 2013

Mr. Market is in a good mood! The Fiscal Cliff has been averted!

As global stock markets made their 2013 debut, the House of Representatives passed a deal between the White House and Senate Republicans to raise taxes on the rich and put off automatic $109 billion budget cuts for two months.

The deal passed the Senate early on Tuesday, but its fate hung in the balance for hours as House conservatives sought to amend it to include big spending cuts, which would likely have killed it.

In the end, the House voted 257 votes to 167 to pass the original bill with minority Democrats joining a smaller number of majority Republicans to pass the legislation after a bitterly contested and unusual session on New Year's Day.

President Barack Obama planned to make brief remarks at the White House within minutes of passage of the deal, which relieved investors who feared that continued logjam could have sent global stock markets spinning.


Read full article: here.

What a fantastic start to the new year! Happy New Year!

Related post:
President Obama wins! What next?

6 comments:

meesiam said...

indeed....think even "tikam" also can make $$ :P..(joking only. still need to be prudent)

AK71 said...

Hi meesiam,

Tikam away! I think the bull has legs. ;)

Ken said...

Hi AK,

This is preposterous as the Senates are fooled by the U.S Plunge Team (Mayday Credit Rescue Team). By performing this action, it merely diverts our attention out of the credit crunch yet without associating and/or devising a immaculate strategy in resolving debt crisis.

To consumers out there, kindly learn more about financial institutions racking up at least 10 folds debt ratio, comparing to the GDP of the respective countries.

Note: I'm not a pessimistic person. Okay?!

Sighing off,
Ken

JCK said...

kicks the can down the road again....... *

What choice? NO choice!

AK71 said...

Hi Ken,

Indeed. This is the reality of the day.

AK71 said...

Hi JCK,

You have neatly said it in those few words "kicks the can down the road". :)

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