The Deal is Done – Observations on the Cliff, the Ceiling and Your Investments

I’ve been saying that December 31 was a media deadline, not a real deadline for a fiscal cliff resolution, since Congress could act retroactively. However, I guess I underestimated the extent to which politicians dance to the media’s tune, instead of Wall Street’s or Main Street’s. Given how little turnover there was in Congress, it seemed there was little real pressure to get a deal done in the lame duck session (which ended last night) rather than in the new Congress. But, again, a deal was done – and, like most such negotiations, was done only at what the negotiators perceived to be the very last instant.

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