Senator Reid Spoke And Markets Fell

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Photo: Google Finance

Markets have been quiet for most of the day. But in the last few minutes, we’ve seen stocks lose their legs.

Bloomberg is reporting that Senate Majority Leader Harry Reid said little progress has been made regarding fiscal cliff negotiations and that he was “disappointed.”

If Congress is unable to make a deal, a series of tax cuts and spending programs are set to expire by the end of the year, potentially cutting 2013 GDP by as much as 5%.

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