“Stock futures were rising Monday morning ahead of the final day for legislators in Washington to avoid tax hikes and deep across-the-board spending cuts that would go into effect at midnight if Congress can’t reach a temporary deal,” Joe Deaux reports for TheStreet. “Futures for the Dow Jones Industrial Average were up 0.23%, or 29 points, at 12,806. Futures for the S&P 500 were adding 0.40%, or 5.50 points, to 1390. Nasdaq futures were gaining 0.04%, or 1 point, with a fair value of 2587.”

“Congress failed to reach a deal over weekend as Democrats and Republicans went back and forth on where they should set a threshold of income for individuals and families,” Deaux reports. “Democrats had hoped to increase taxes on those individuals who had earned more than $360,000 each year and families with incomes of $450,000, but Senate Republicans suggested the individual tax hikes go to those earning $450,000 or more and on couples making a yearly amount of $550,000.”

Deaux reports, “‘There’s still significant distance between the two sides, but negotiations continue,’ Senate Majority Leader Harry Reid said Sunday night.”

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