The Fight Hasn’t Even Begun

The Fight Hasn’t Even Begun
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After passing the fiscal cliff bill late Tuesday night, the markets are breathing a small sigh of relief.  As noted in an article published by Reuters, “All 10 S&P 500 industry sector indexes rose at least 1 percent, led by the information technology index, up 2.2 percent. Among the strongest names in the sector was Hewlett-Packard, which rose 5.3 percent to $15 after a miserable 2012 when the stock fell nearly 45 percent.”

However, to many Republicans in Washington, DC, the real fight has yet to begin.  Republican Senators are already making statements about the battle over the debt ceiling, which is expected to come up in just a couple of weeks.  They believe this will be the time when real discussions can be had about slashing spending to entitlement programs such as Medicare and Medicaid.

U.S. Senator Pat Toomey (R-PA) said on MSNBC, “”Our opportunity here is on the debt ceiling.  We Republicans need to be willing to tolerate a temporary, partial government shutdown, which is what that could mean.”

Another Republican Senator from Tennessee, Bob Corker, told CNBC “This is going to be much uglier to me than the tax issue … this is going to be about entitlement reform.”

To read the full Reuters article, click here.

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