Whatever the Senate does or does not do today, it appears that the House will not vote on any cliff-related legislation tonight. There just isn’t enough time.
Technically, therefore, we will go over the full fiscal cliff.
Congressional action may come tomorrow or on Wednesday. After that, any action will be in the hands of a new, very slightly more Democratic Congress.
December 31 was always a phony deadline. So is any other specific date. The stock market will react one way or another to the “cliff” on Wednesday. But any losses (say) can be recouped as the result of subsequent congressional action that Wall Street likes.
In any event, I’m signing off for what little remains of the year.
Happy New Year.