The House of Representatives will not vote on anything tonight, so the U.S. will technically go "over the cliff," reports CNBC's John Harwood. CNBC's Steve Liesman, has the details on the emerging deal in Washington. Doug Holtz-Eakin, American Action Forum president, and CNBC Contributor Jared Bernstein, weigh in.
*Egypt pound sinks to record low for second day in a row. CAIRO, Dec 31- Egypt's pound fell to a record low on Monday as the president signaled his government would allow it to depreciate slowly for several more days to stop a drain on foreign reserves that has driven the economy into crisis since the fall of Hosni Mubarak.
LONDON/ SHANGHAI, Dec 31- Iron ore jumped to a 8- month high on Monday, posting its biggest monthly increase on record, in December, as falling inventories and renewed confidence about China's economic outlook prompted traders and steel mills to restock.
*Egypt pound sinks to record low for second day in a row. CAIRO, Dec 31- Egypt's pound fell to a record low on Monday as the president signalled his government would allow it to depreciate slowly for several more days to stop a drain on foreign reserves that has driven the economy into crisis since the fall of Hosni Mubarak.
LONDON, Dec 31- European stocks were set to rack up their best yearly gain since 2009 on Monday but the outlook was worsening due to the risk of a politically induced recession in the United States which would dent global growth.
SHANGHAI, Dec 31- Chinese fund managers raised their recommended equity weightings in December to a seven-month high with a strong preference toward financial stocks as an improved economic outlook and market performance boosted risk appetite, the latest Reuters fund poll showed.
CARACAS, Dec 29- Venezuelan inflation reached 19.9 percent in 2012, the central bank said in a preliminary estimate on Saturday, beating its official target thanks to strict price controls that business leaders say are unsustainable in the long term.
There is no deal in place, and President Obama is set to speak from the White House on the "fiscal cliff" any minute, with CNBC's Eamon Javers and Rep. Ron Paul (R-TX); and CNBC's Melissa Lee; and the Money In Motion traders. "I believe there is too much bipartisanship on the spending, and nobody is talking about cutting any spending," says Rep. Ron Paul.
The Fast Money traders share their final trades of the day.
Tuesday, 18 Jun 2013 | 5:00 PM ETAhead of the Fed meeting, the S&P 500 appears headed toward 1,687, StockMonster's Guy Adami says.
Tuesday, 18 Jun 2013 | 6:40 PM ETYou say the name of a stock, and Mad Money's Jim Cramer tells you whether to buy or sell.