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Pre-Market Primer: Markets Surge as Fiscal Cliff Is Averted, but Debt Ceiling Fight Continues
MINYANVILLE ORIGINAL Global markets surged this morning after Congress passed a last-minute bipartisan deal to avoid the fiscal cliff of austerity measures. The House of Representatives passed the Taxpayer Relief Act with a majority of Republicans and 16 Democrats voting against it. But withhold that sigh of relief. The interminable partisan wrangling over fiscal policy is not over yet. The automatic spending cuts that would have probably caused another US recession are delayed but only for two months. The statutory debt ceiling was left out of the deal. The only reason that the US has not been declared insolvent ...
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