U.S. stocks retreat as cliff tensions rise House Speaker John Boehner: House will pass plan B Thurs.
Source: Market Watch Wall Street Journal
“The proposal from the Ohio Republican would give millionaires a tax break of $50,000, while eliminating tax cuts that 25 million students and families struggling to make ends meet depend on,” Pfeiffer said in a statement.
Equities furthered their fall after Boehner said the House would vote Thursday on his plan B, which would hike tax rates on income over $1 million, instead of the $400,000 threshold proposed in Obama’s latest offer.
“Everything is vulnerable in the face of the fiscal cliff. With all aspects of the economy, any momentum we see today would be gone tomorrow if we go over the cliff,” said Elizabeth Ptacek, senior credit real-estate analyst at KeyBank.
Ahead of the market open, the government reported construction on new homes fell 3% while building permits climbed 3.6% in November."