The major US benchmarks closed lower at the end of trading on Friday night (December 21st), but despite this despondency in the markets House of Representatives speaker John Boehner is still hopeful he and Barack Obama will be able to strike a fiscal cliff deal.
Both parties have been working on a way to cushion the impact of the parcel of tax hikes and government spending cuts due to hit the economy simultaneously in the new year, but finding a resolution they both agree with has been difficult.
Time is running out, with the January 1st deadline looming large, while the president will be unavailable for talks as he is spending the festive period in Hawaii with his family.
"Hope springs eternal and I know we have it in us to come together and do the right thing," Mr Boehner stated.
At close of play in New York on Friday night, the Dow Jones and Nasdaq both slipped by 0.9 per cent, retreating to index values of 13190.8 and 3021 points respectively.
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