Washington & the economy

One reason for today`s rally beyond those improving economic fundamentals could be the likelihood that tomorrow the Senate would follow the House and pass a two-year budget agreement. What a change that would signal from holiday time just a year ago. That was when the so-called fiscal cliff was on everybody`s lips. Remember that one?

Washington was squabbling over the prospect of big automatic budget cuts and the simultaneous expiration of the so-called Bush era tax cut, a double whammy that many thought would send the economy into recession.

John Harwood reports from Washington.

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