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| Version 3 | Version 4 |
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| All major US stock markets fall after fiscal cliff talks reach impasse | All major US stock markets fall after fiscal cliff talks reach impasse |
| (8 days later) | |
| US stock markets fell on Friday, following news that talks aimed at avoiding the fiscal cliff budget crisis had failed on Thursday night. | US stock markets fell on Friday, following news that talks aimed at avoiding the fiscal cliff budget crisis had failed on Thursday night. |
| Dow Jones Industrial Average futures contracts, an indication of the direction the market may take, fell 299 points late on Thursday, soon after a vote on the issue in congress was cancelled. All the major US stock markets opened down on Friday, with the Dow down by more than 120 points in morning trading. | Dow Jones Industrial Average futures contracts, an indication of the direction the market may take, fell 299 points late on Thursday, soon after a vote on the issue in congress was cancelled. All the major US stock markets opened down on Friday, with the Dow down by more than 120 points in morning trading. |
| The collapse followed news that the Republican speaker of the House of Representatives, John Boehner, had failed in his attempt to rally his party colleagues to a "Plan B" that was aimed at averting the year-end imposition of tax hikes and massive spending cuts. | The collapse followed news that the Republican speaker of the House of Representatives, John Boehner, had failed in his attempt to rally his party colleagues to a "Plan B" that was aimed at averting the year-end imposition of tax hikes and massive spending cuts. |
| The fiscal cliff crisis has dragged on for months but it had looked likely to be settled earlier this week, as president Barack Obama and Boehner appeared to be making headway. | The fiscal cliff crisis has dragged on for months but it had looked likely to be settled earlier this week, as president Barack Obama and Boehner appeared to be making headway. |
| On Friday, Boehner held a press conference on the latest developments at 10am. He said he remained willing to work with Democrats in order to reach a solution. But his remarks failed to calm investors' fears. | On Friday, Boehner held a press conference on the latest developments at 10am. He said he remained willing to work with Democrats in order to reach a solution. But his remarks failed to calm investors' fears. |
| Dan Greenhaus, chief global strategist at BTIG, said that one of the worst aspects of the latest twist was the renewed uncertainty it had created. | Dan Greenhaus, chief global strategist at BTIG, said that one of the worst aspects of the latest twist was the renewed uncertainty it had created. |
| "A bunch of people have asked 'now what' with respect to the fiscal cliff story," he said in a note to clients. "Unfortunately, this simple answer is that nobody knows. Any number of Republican and Democratic officials have said they have no idea and pundits don't seem to know either. The best quote comes from [congressman] Charlie Rangel, who told a reporter: 'Don't make me lie to you... I have no idea what's happening.'" | "A bunch of people have asked 'now what' with respect to the fiscal cliff story," he said in a note to clients. "Unfortunately, this simple answer is that nobody knows. Any number of Republican and Democratic officials have said they have no idea and pundits don't seem to know either. The best quote comes from [congressman] Charlie Rangel, who told a reporter: 'Don't make me lie to you... I have no idea what's happening.'" |
| Greenhaus said the most likely option now was for Obama and the Senate Democratic leader, Harry Reid, to construct a bill: "But the question thereafter is whether that bill can get enough Democratic votes in the House to compensate for the defecting Republicans. It would need to be a very bipartisan bill but in any event, there's just no way, no way, it can be constructed in three days." | Greenhaus said the most likely option now was for Obama and the Senate Democratic leader, Harry Reid, to construct a bill: "But the question thereafter is whether that bill can get enough Democratic votes in the House to compensate for the defecting Republicans. It would need to be a very bipartisan bill but in any event, there's just no way, no way, it can be constructed in three days." |
| Greenhaus said that it now looked inevitable that the US would "go off the fiscal cliff" – a move that the Congressional Budget Office has calculated would drive the US back into recession and lead to a spike in unemployment to 9.1%. | Greenhaus said that it now looked inevitable that the US would "go off the fiscal cliff" – a move that the Congressional Budget Office has calculated would drive the US back into recession and lead to a spike in unemployment to 9.1%. |
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