NEW YORK ( TheStreet) -- U.S. stock futures rose after yesterday's Christmas Day close, as investors await a showdown between President Obama and the Senate in tackling the so-called fiscal cliff.
The president aims to make progress five days before a deadline that would trigger tax increases and spending cuts, a combination that could put the economy into a recession. Congress will return Dec. 27, while Obama heads to Washington from a vacation in Hawaii today.
The Republican-controlled House of Representatives balked last week at Speaker John Boehner's "Plan B," a compromise on raising taxes for the wealthy. The move was seen as Boehner losing control of his party and his credibility. Now any talks will head to the Senate, though the House would have to sing off on any plan there.
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