Stocks set to fall as fiscal cliff looms
December 21st, 2012
07:41 AM ET
10 years ago

Stocks set to fall as fiscal cliff looms

New York (CNNMoney) - It's not the end of the world - literally or for the fiscal cliff talks - but the latest signs of gridlock on Washington have struck fear into investors.

Lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday. The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.


Filed under: • Economy • Fiscal Cliff • Wall Street
soundoff (19 Responses)
  1. Name lynn

    why dont they ask popa bear boehner dont come back to the table he have x's on his head this is crazy they way boehner looks he need to take 4 asprins an go to sleep

    December 21, 2012 08:02 am at 8:02 am |
  2. Wilson

    Well, the world did not end. But, the ending of America continues apace. The fundamental transformation of America from the greatest nation on this planet, to the world's largest nanny state is proceeding according to plan.

    December 21, 2012 08:18 am at 8:18 am |
  3. rs

    Want to crash the economy? I give you the Republican party.....

    December 21, 2012 08:23 am at 8:23 am |
  4. Rick McDaniel

    There are no solutions for an administration that is totally incapable of fiscal responsibility.

    December 21, 2012 08:26 am at 8:26 am |
  5. Tony

    Remember 2008 TARP vote? The first vote failed in the House, and market reacted by losing 778 points. Panicked lawmakers passed TARP on the second vote. Because Republicans don't remember anything before Obama, we might be heading for something similar.

    December 21, 2012 08:47 am at 8:47 am |
  6. Dutch/Bad Newz, VA

    I'm predicting a 300+ point loss today. This irresponsibility by Congress is unacceptable!!

    December 21, 2012 08:54 am at 8:54 am |
  7. Rudy NYC

    The Mayans seem to have somehow predicted the "end of the financial world" and the fiscal cliff. Now people need to take a page from the Mayans who believe the world would be reborn. Maybe the mindset of our policticians would benefit from that perspective as we tumble over the precipice.

    December 21, 2012 08:56 am at 8:56 am |
  8. JD

    If the Bush tax cuts expiring in the middle class is a bad thing, then did bill Clinton make his economy on the backs of the middle class? It's why young people voted democrat. You don't have to remember past 4 years to firm your opinion if the world.

    Look up where the Nasdaq was Jan 2000 vs Jan 2001. That can help start dispelling that myth if what president bush inherited.

    December 21, 2012 09:10 am at 9:10 am |
  9. rs

    It's only going to be "nanny" for the rich if the GOP get their way. It is the rest of our nation that will be plunged back into recession otherwise.

    December 21, 2012 09:13 am at 9:13 am |
  10. rs

    Rick McDaniel-
    How about the "incapable" Republican Rick? I don't know if you noticed, but the Conservatives declared war on the GOP last night, and Boehner had to pull his bill. How many times has this happened in the last two years? The GOP is easily the most dysfunctional element in play at the moment.

    December 21, 2012 09:15 am at 9:15 am |
  11. Willard

    read the news, please! It's a freaking GOP who can't go thru their own bill!

    December 21, 2012 09:16 am at 9:16 am |
  12. GuestAgain

    I guess you dems will get what you voted for, smaller paychecks!

    December 21, 2012 09:23 am at 9:23 am |
  13. Ray E. (Georgia)

    Aw Gee man,
    We did the best we could to steal the rich people's money. Waahh, it didn't work! What now Coach? The Rich took their money, damn, it's their money, to China, the Cayman's and Switserland! Whadda you mean if I want to get rich i'm gonna have to work! Waahh !!! I want my mommey, I want my Nanny. Waahah!!

    December 21, 2012 09:27 am at 9:27 am |
  14. Lynda/Minnesota

    So, does Boehner have a plan C? (As in walk away from the sandbox, put on his big boy pants, and start working with the Dems.)

    December 21, 2012 09:28 am at 9:28 am |
  15. Data Driven

    Investors buy into the media's "fiscal cliff" hype, I see. Investors are not very bright - witness their precipitate role in the Great Recession.

    Fine, sell off your stuff. Some of us will scoop it up later. Meantime, some end of the world! - back to paying taxes we should've been paying all along, especially the wealthy, and slashing the ridiculous Pentagon budget to sane levels. Bring on the cliff, I say. Increasing revenues and cutting spending: sounds right to me. Giving working a people a break on taxes in this environment would've been nice, but we'll make it.

    See you in 2014, GOPhers. We'll remember.

    December 21, 2012 09:32 am at 9:32 am |
  16. Jules

    Thank you once again to the ineptness of the GOP not only do the American people look at having their taxes go up but we also look at losing big chunks of our 401k. They spent a week on a bill they had to pull for lack of support. Get in the room with the president and get it done. People earning over 400,000 a year can afford to pay a higher tax rate.

    December 21, 2012 09:32 am at 9:32 am |
  17. rs

    I guess you GOPpers will get what you voted for, political irrelevancy!

    December 21, 2012 09:36 am at 9:36 am |
  18. rs

    Ray E. (Georgia)-
    Glad to see you can make a joke about the Republicans about to cause ANOTHER recession. To think they were once the "responsible" party. Now they are just shills for the rich and the lobbyists.

    December 21, 2012 09:41 am at 9:41 am |
  19. Kelby in Houston, TX

    I would like to point out that we didn't have a fiscal cliff when The Democrats had control of The House.
    I would like to point out that The Democrats didn't create a self inflicted economic catastrophe when they had The House.

    The Great Recession™ & The Fiscal Cliff™ were both created by Republican policy.

    December 21, 2012 09:47 am at 9:47 am |