In Friday morning trading in Asia, stock-index futures are tumbling not because of hysteria over the supposed apocalypse predicted by the Mayans but the rising risk of the U.S. economy taking a header over the fiscal cliff.
House Republicans canceled a vote on its so-called Plan B for lack of support, which never had a chance of enactment anyway. The Senate wasn’t going to take it up and President Obama vowed to veto the scheme to continue the Bush-era tax rates for those making less than $1 million a year.
Standard & Poor’s 500 futures were down some 1.4% in Asian trading as the confidence bordering on complacency that some solution to avert massive tax increases and spending reductions would be reached by year-end was shaken by the lack of progress between the White House and the GOP-led House.
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