No Vacation for Bank Stock Worries
As Congress exits tomorrow for its five-week summer recess, Washington will stay in front of investors, and besides mixed signals about the prospects of going off the fiscal cliff, you can bank on more reasons to stay away from U.S. banks.
Two events over the past week have made cliff assessments more difficult. First, the Republican House and Democratic Senate agreed, nearly 60 days early, to fund the government for six months after the Oct. 1 start of Fiscal 2013. This will remove the threat of a government shutdown in December, when members and the White House will otherwise be negotiating whether and how to extend the Bush tax cuts and obviate a $100 billion hit to discretionary defense and nondefense spending accounts. This could lead both sides to take a harder line before and after the elections....844 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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