Stock Futures Fall on Budget Stalemate
NEW YORK (TheStreet) -- Stock futures were suggesting Wall Street would open lower in Monday's pre-holiday shortened session as "fiscal cliff" talks in Washington remain stalled.
Discussions over striking a budget deal before the Jan. 1 deadline aren't likely to resume until Thursday at the earliest as Congress and President Obama take a Christmas break.
"Hopes faded long ago for anything meaningful coming out of this fiscal cliff debate, but now we're seeing downright pessimism in the market," said Sonny Tahiliani, managing director at MacroMoves. "Lawmakers may want to revisit the CBO's projections on the hit to GDP and seek to connect the dots, because risking a recession inside of an output gap is dangerous territory. The Fed will be forced to act in a bolder way should compromise fail to materialize."
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