Senate Majority Leader Harry Reid says Cliff Deal Unlikely Before Christmas

House Speaker John Boehner’s office said Tuesday that Republicans have made a counterproposal in “fiscal cliff” talks with the White House. Word of the offer came after Senate Majority Leader Harry Reid said it will be hard to reach a deal before Christmas.

Officials said President Barack Obama and Boehner had exchanged at least partial proposals in the past two days, although details were sparse and evidence of significant progress scarcer still. Obama and Boehner spoke by phone Tuesday after exchanging proposals.

Earlier, Reid said Democrats aren’t going to make an offer on spending cuts. “Until we hear something from Republicans, there’s nothing to draft,” Reid told reporters in the Capitol, referring to writing legislation to implement a deal.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Get OANDA's exclusive weekly Market Pulse FX

HTML
  • HTML
  • Text
Stuart McPhee

Stuart McPhee

Senior Currency Technical Analyst at Market Pulse
Stuart McPhee has nearly 20 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Living in Melbourne, Australia, Stuart speaks at conferences and events worldwide.
Stuart McPhee