Memo: JPMorgan Predicts An Extension Of Tax Cuts But Otherwise Gridlocked Congress

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JPMorgan’s team of lobbiers down in Washington are predicting a gridlocked Congress that will only get a few legislations passed.

The team sent the firm a memo with their predictions.

Excerpts from the 11-page memo courtesy of OpenSecretsBlog:

“Many expect the next two years may be heavy on rhetoric but light on legislative achievements… The 112th Congress could be remembered as a gridlocked one without any landmark legislation.”

  • “[We speculate that] Democrats will jettison both the DREAM Act and “Don’t Ask, Don’t Tell” repeal from the defence budget during the lame duck session later this month.”
  • “[We believe] tax cuts signed into law by President George W. Bush will be extended for at least one year.”

The one thing they can’t make a prediction about is middle-class only tax breaks.

“The biggest question mark is whether the administration can find support for extending only the tax breaks for middle-class filers.”

The memo was apparently written by the firm’s lobbying team who write of their “newfound opportunities to play a constructive role in the development of important public policies.”

Hmm.. Maybe Jamie Dimon is back in Obama’s favour?

See also: The memo Morgan Stanley sent out after Mid-terms with their predictions >

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