Absent any deal on the debt today, look for more lethargic trading between 1.4325 and 1.4425 ( to be generous).
The White House flack is on the wires excoriating Republicans for failing to strike a debt deal but as recent press accounts have shown, it is Obama who is flinching time and time again when a deal gets close.
The amount of cuts seems to be agreed to at a bit less than $3 trln over 10 years. The amount of revenues seems fairly set at $800 bln over 10 years by lowering income tax rates and broadening the tax base. Obama tried to jam an additional $400 bln in tax hikes at the 11th hour last Friday and scuttled the deal…
The Washington Post reports this morning that the Congress has come to a deal but now Obama is holding out…
