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House to Consider Fiscal Cliff Backup Plan Tomorrow

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 5:04
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And program on the -- Good morning everyone has -- over the fiscal -- continue lawmakers are preparing to vote.

On backup plans from house speaker John Boehner in case he and the president -- reach -- deal.

The Republican favoured plan extends tax rates an annual incomes of less than one million dollars.

While the other -- GOP leaders -- based off of House Minority Leader Nancy Pelosi is positions.

Extends current tax rates and annual income amounts of less than 250000.

Dollars.

Neither plan though address -- across the board spending cuts to military and domestic programs that are also set to kick in.

At the beginning of the year they also don't deal with Medicare reform or the debt ceiling the White House criticized Boehner is back up plans is that the president is still hopeful for a deal.

Still the house will consider the -- tax amendments tomorrow.

We're getting earnings announcement as general sales of packaged food companies reporting an adjusted profit of 86 cents a share that tap the estimate for -- be -- cents.

Revenue came in at imagine four point 88 billion dollars it's exactly.

What analysts were expecting.

Shifting gears a little that UBS has agreed to pay international regulators one point five billion dollars in fines.

After admitting to fraud and manipulating global benchmark interest rates.

The payment settles charges by US UK and Swiss authorities officials said that at least 45 US employees.

UBS employees that is were involved in -- rates across three continents.

As senior managers directed traders to keep live -- -- low to give the impression that the bank was able to borrow more cheaply than it actually -- The bank that the -- would wide in its fourth quarter net loss but said it wouldn't need to raise new capital as result.

UBS the spine is the second largest ever paid by banks and comes just a week after HSBC agreed to a record.

One point 92 billion dollar penalty to settle US money laundering probe.

Checking the markets now here in the US futures have been in the green across the board all morning Dow futures are up thirty gets a piece of three and -- nasdaq's up eight.

In Europe German business confidence ticked up slightly this month topping expectations.

Greece also has credit rating raised by S&P after the country's debt buyback.

As if he lifted the rating from selective default.

B minus with a stable.

Gaining about 26 points their -- is up almost fourteen in -- up about sixteen.

Let's take a closer look though what's moving those -- -- young lamb -- global head of financial markets research at rabobank over in London on obviously.

The big factors still affecting markets both here.

And abroad are these fiscal -- negotiations and now.

It looks like we have another option in the -- and the president and speaker Boehner might reach a deal in time they might not and now they have this be sort of backup plans in place that a good thing.

Or a bad thing for the markets to have this sort of gray area now in play.

-- think the highs we try to aim for one of interest guys to get a grand -- And that's -- -- social 2.2 and a half trillion US dollars over the next ten years we think a deal I got -- chief but it will probably take of the -- -- until January.

And in between then -- have a sort of backup cloud.

If you sort of -- news over the past couple days the markets have been very enthusiastic about the -- that the White House is willing to move home taxes.

Move up from 250 to 400 K but the fact is -- that news was only.

When the actual negotiations.

Stoltz was was the White House trying to cover its tracks that -- make sure everyone understands is not the democrats' fold.

So -- really what's called home here it's different not really positive news.

We still lean towards -- being a tough one go -- to the wire they -- -- it's possible but probably not until January.

And -- on the Bank of -- -- Monetary Policy Committee remain split over whether to do more to stimulate economy and that this is an ongoing debate you know where.

The role of the Central Bank ends in the role of governments begins I wonder where do you weigh in on this whole debate.

We -- meeting once it is very hard to find deadline.

The Bank of England's now owns 31%.

Before government debt in the UK.

And whenever interest -- and it's.

They send it back to the government.

So that is a momentary financing I don't know what -- is they are by far leading the -- -- season is that maybe split over all sorts of decisions they have been.

Speaking aloud the -- there over the past couple years that we -- to making decisions.

I don't think the moments too far away the people -- wondering.

What are the Bank of England couldn't just write down -- debt and save -- and tax increases and that is through monetary financing and done a very slippery slope.

That's down lamb -- at rabobank in London always great to talk to yen thanks.

Thank you.

Let's take a look at commodity is now oil and -- -- the markets have been up for most of the morning but we're seeing gold now.

Turning to the downside -- about two dollars so far trading at 1688 announced oil also up -- by about forty cents at 8831.

Barrow.

Coming up this -- Imus is guests will be -- times bestselling author Deirdre Imus and Fox -- legal analyst at least we'll.

-- blonde on blonde and now here's the I man on Fox Business giving you that Howard --

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