U.S. Stock Markets Rise With Good Economic News And Fiscal Cliff Talks
The U.S. stock markets have climbed the last two days with good economic reports and positive comments about the looming “Fiscal Cliff” negotiations coming from Congress. The only losses in the markets came earlier today when Speaker of the House John Boehner, claimed that “no substantive progress had been made.” The Commerce Department also announced good economic news with the Gross Domestic Product expanding at a rate of 2.7%, which is higher than the predicted rate of 2%.
The Labor Department showed a decline of 23,000 unemployment benefit claims down to the seasonally adjusted 393,000 from last week. That number is still high but is leveling off after the effects of Hurricane Sandy. The main fear is that the huge storm could severely spike unemployment numbers for the month of November.
With the housing market on the rise, people are ready for good news to come out of Congress on a grand bargain, which could really spike much needed economic growth. The President has been pushing for Congress to at least agree on not raising taxes for 98% of Americans, which would brighten the U.S. economic outlook a great deal and strengthen consumer confidence.
All economic indicators seem to be pointing at Congress to get a big deal done on the “Fiscal Cliff” negotiations. Compromise is something that has eluded both parties and Republicans still seem unwilling to come to the negotiating table in good faith. President Obama wants a grand bargain done by Christmas, with both sides having to give a little. The biggest disagreement between the parties has always been the tax rate for the richest 2%. It’s time to compromise.
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