The U.S. Senate voted early Tuesday morning to avert a "fiscal cliff" with a deal that stops most tax hikes and delays automatic spending cuts. Senate passage set the stage for a final showdown in the House, where a vote was expected Wednesday.
The countdown is on to a new year — and the fiscal changes that are on the other side of midnight. But what else is on the cards economically for 2013, both here and overseas? Guest host Celeste Headlee puts the question to the Wall Street Journal's Sudeep Reddy.
Dealers are looking to move inventory to make way for new models. Consumers have one other advantage: Americans are keeping their cars longer, and that means fewer total buyers with lots of new vehicles to choose from.
Congressional negotiators have one more day to work out a compromise to avoid the so-called fiscal cliff, or else taxes will go up across the board in the New Year. Both the House and the Senate convened Sunday, but a bipartisan push by Senate leaders fell short.
Both the House and the Senate were in session Sunday evening, but a bipartisan push by Senate leaders fell short. Monday is the last day to avoid the tax hikes and spending cuts, though Congress may still reach a deal over the next few days.
Europe spent much of this year trying to hold its common currency pact together. Greece, Spain, Italy and other countries flirted with disaster as interest rates spiked, forcing the debtor nations to accept austerity programs. The turmoil was bad enough to push much of the eurozone into recession.
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