Markets  |  December 31, 2012 15:59:21

Last seconds from the fiscal cliff

The U.S. Congress is still in a hopeless situation and the threat of a fiscal cliff becomes real. Legislators need to find a compromise to midnight tonight.
The negotiations between Vice President Joe Biden and Senate Republican leader Mitch McConnell today are the last defense against increasing the tax burden and humiliation expenditure. Fiscal reef worth $ 600 billion is likely to plunge the U.S. economy back into recession and frustrate all the work done since 2009.
Heads of Democrats and Republicans in the Senate had already agreed on Sunday for an emergency meeting. But politicians are still fighting over who will be in the next year to raise taxes.Republicans retreated to the beginning of the month of their requirements and offer support tax increases Americans with incomes over 400,000 a year. The Democrats, but do not intend to back down and insisted on the border 250 000
Also remains an open question how much and how they will reduce mandatory spending. Republicans require systematic cuts in spending, while Democrats want to retreat too in this socially sensitive issue and do not want to disappoint their voters.
Eurodollars are traded in a narrow range between 1.3282 and 1.3180 price. The price is currently holding the downward trend line and could bounce back up. Further development of dollar pairs is directly dependent on the political talks in the U.S. and need to be as cautious.

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