“One reason markets haven’t dropped today is the belief that a last-minute deal will get done, possibly in the next few hours. Congress and the White House have been working on a small deal that would avert some of the fiscal cliff, and when President Obama spoke at 1:30 ET, it sounded as if a deal was very close,” Hoium writes. “But there’s still no certainty that a deal will pass both houses of Congress, so there are a lot of questions outstanding. Investors will need to hold on tight if a deal isn’t reached by Wednesday, when markets open again.”
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