Yes, it's okay to breathe a sigh of relief now that Congress has averted the worst consequences of the "fiscal cliff."
Just don't get too comfortable. There are plenty of storm clouds ahead.
The minimal agreement of Jan.1 means "a great round of applause for everybody, but the rest of it is a frigging disaster," said Tommy Molloy of FX Solutions.
"What's kind of gotten forgotten among all the shenanigans and back slapping is the
Molloy worries that a big battle on the debt ceiling could lead credit rating agencies to cut the U.S. debt rating, as Standard & Poor's
(Read More: What Is the Debt Ceiling?)
"The first notch off can be ignored," he said, alluding to the move by Standard & Poor's. "The second can not. You're starting to look like Europe."