Stock Futures Slide on Fiscal Cliff Setback

Stocks slid today around 100 points after House Republicans failed to pass their “Plan B” vote last night.
CNBC reported:

U.S. stock index futures pointed to a sharply lower open on Friday, brushing off better than expected economic data and instead focusing on the collapse of the Republicans’ “Plan B” vote in the House of Representatives, aimed at offering a solution to the U.S. “fiscal cliff”.

At 8:30 a.m., Dow futures were down 187 points, while S&P 500 futures were down 22 points. Both implied a greater than 1 percent decline at the open. The NYSE will observe a moment of silence to honor the Newtown, Conn. shooting victims at 9:30 a.m.

With time running short to find a solution before Christmas, the White House said it would work with Congress to avoid the series of tax increases and spending cuts set to kick in at the start of next year. President Barack Obama said he was hopeful a deal can be reached quickly.

House Speaker John Boehner has scheduled a 10 a.m. news conference to talk about the next step.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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