• 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.