- White House has to get serious
- Remains hopeful on further talks
- Geithner gave no new substantive plan for finding a fiscal cliff deal
- Disappointed in progress but trying to resolve fiscal cliff
- Has no idea what compromises White House is willing to make
- Tax revenue is on the table but only with serious spending cuts
- Any debt ceiling hike will have to be accompanied by at least dollar-for-dollar reductions in spending
EUR/USD dives and stocks give back all gains on the day.