For the first time in months, Europe is enjoying a respite from market pressure. Its latest halting moves toward banking union may not have fully reassured market players but were undoubtedly a step in the right direction, and investors’ cautious optimism reflects that. By contrast, the “fiscal cliff” looming for the United States at year’s end, when the Bush tax cuts are set to expire and automatic spending reductions take effect, appears as ominous as ever. Partisan rhetoric is as hot as the weather in Washington, and Congress is deeply polarized.
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